Rent Affordability Act, the Latest Rent Control Push in CA

Los Angeles

The Rent Control Affordability Act is the latest push for rent control restrictions in California. The measure has officially been placed on the statewide ballot in November, and would expand current rent control restrictions to include vacancy control and rent control for single-family houses and condos. Like other legislative responses to the affordability crisis, the commercial real estate community is in fervent opposition to the measure, however, it is already gaining momentum.

“The Rent Control Affordability Act seeks to amend existing California rent control law in two ways: by removing the landlord’s ability to increase rent to market-rate after a vacancy and by expanding rent control to include single-family homes or condos,” Bruce Furniss, senior director at Berkadia, tells GlobeSt.com. “Rent control’s negative impacts on local markets are three-fold—it decreases supply, isn’t tied to those who need it most and increases administrative operating costs.”