Steep rent increases during the pandemic recovery have spurred support for rent control legislation in several areas of the country, according to a report by Wealth Management.
In the recent midterm elections, voters created new rent controls and toughened existing rules from California to Florida to Maine. Three cities in California—Pasadena, Richmond, and Santa Monica—already had rent control provisions on the books but passed tougher rent control measures.
BALLOT MEASURES GO AROUND RENT CONTROL PROHIBITIONS
In most of the country, rent control laws are prevented by state law, but ballot measures approved by voters can circumvent those restrictions. Support for rent control has recently surfaced in areas where support has not been strong, according to National Multifamily Housing Council (NMHC) official. Minnesota and Michigan are among the states where support for rent control is growing.
NMHC argues that rent control won’t counteract the macro forces pushing rents higher that create a mismatch of supply and demand. But as the housing shortage continues to worsen, tenant advocates will push for more immediate relief.
Related Stories
Multifamily Housing | Mar 4, 2018
Katerra, a tech-driven GC, plots ambitious expansion
Investors flock to this vertically integrated startup, which automates its design and construction processes.
Multifamily Housing | Feb 28, 2018
Transwestern data points to demand for larger rental units among baby boomers
As baby boomers seek to downsize from large homes, developers are increasingly designing apartments specifically for this demographic.
Multifamily Housing | Feb 27, 2018
Victorian era gasholders become modern residences in London
The new residences are part of the King’s Cross redevelopment scheme.
Multifamily Housing | Feb 22, 2018
Multifamily building with 25,000 sf of amenities rises on the shore of the Potomac River
The building is part of the National Gateway mixed-use development at Potomac yard.
Multifamily Housing | Feb 15, 2018
United States ranks fourth for renter growth
Renters are on the rise in 21 of the 30 countries examined in RentCafé’s recent study.
Multifamily Housing | Jan 31, 2018
4 ways multifamily developers can attract Baby Boomer, Millennial buyers
As Baby Boomers downsize and Millennials begin buying homes, multifamily developments in dynamic urban areas are meeting the demand.
Sports and Recreational Facilities | Jan 25, 2018
Virginia Beach: A surf town with a wave problem no more
A world-class surf park will highlight Virginia Beach’s new live-work-play development.
Market Data | Jan 25, 2018
Renters are the majority in 42 U.S. cities
Over the past 10 years, the number of renters has increased by 23 million.
Resiliency | Jan 24, 2018
A luxury community in Florida mandates resilience in new-home construction
Alys Beach’s in-house GC builds to standards set by the FORTIFIED program.
Multifamily Housing | Jan 24, 2018
Apartment rent rates jump 2.5% in 2017, led by small and mid-sized markets
The average price for one-bedroom units increased the most.