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 | Feb 16, 2024
5 emerging multifamily trends for 2024
As priorities realign and demographic landscapes transform, multifamily designers and developers find themselves in a continuous state of adaptation to resonate with residents.
MFPRO+ News | Feb 15, 2024
UL Solutions launches indoor environmental quality verification designation for building construction projects
UL Solutions recently launched UL Verified Healthy Building Mark for New Construction, an indoor environmental quality verification designation for building construction projects.
MFPRO+ News | Feb 15, 2024
Nine states pledge to transition to heat pumps for residential HVAC and water heating
Nine states have signed a joint agreement to accelerate the transition to residential building electrification by significantly expanding heat pump sales to meet heating, cooling, and water heating demand. The Memorandum of Understanding was signed by directors of environmental agencies from California, Colorado, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, and Rhode Island.
MFPRO+ News | Feb 15, 2024
Oregon, California, Maine among states enacting policies to spur construction of missing middle housing
Although the number of new apartment building units recently reached the highest point in nearly 50 years, construction of duplexes, triplexes, and other buildings of from two to nine units made up just 1% of new housing units built in 2022. A few states have recently enacted new laws to spur more construction of these missing middle housing options.
Multifamily Housing | Feb 14, 2024
Multifamily rent remains flat at $1,710 in January
The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix National Multifamily Report.
Sustainability | Feb 7, 2024
9 states pledge to accelerate transition to clean residential buildings
States from coast to coast have signed a joint agreement to accelerate the transition to pollution-free residential buildings by significantly expanding heat pump sales to meet heating, cooling, and water heating demand in coming years.
Multifamily Housing | Feb 5, 2024
Wood Partners transfers all property management operations to Greystar
Greystar and Wood have entered into a long-term agreement whereby Greystar will serve as property manager for all current and future Wood developed and owned assets.
Industry Research | Jan 31, 2024
ASID identifies 11 design trends coming in 2024
The Trends Outlook Report by the American Society of Interior Designers (ASID) is the first of a three-part outlook series on interior design. This design trends report demonstrates the importance of connection and authenticity.
Mixed-Use | Jan 29, 2024
12 U.S. markets where entertainment districts are under consideration or construction
The Pomp, a 223-acre district located 10 miles north of Fort Lauderdale, Fla., and The Armory, a 225,000-sf dining and entertainment venue on six acres in St Louis, are among the top entertainment districts in the works across the U.S.
Sponsored | BD+C University Course | Jan 17, 2024
Waterproofing deep foundations for new construction
This continuing education course, by Walter P Moore's Amos Chan, P.E., BECxP, CxA+BE, covers design considerations for below-grade waterproofing for new construction, the types of below-grade systems available, and specific concerns associated with waterproofing deep foundations.