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Support for multifamily rent control legislation grows as metros face big rent hikes

Multifamily Housing

Support for multifamily rent control legislation grows as metros face big rent hikes

Voters in several states approved rent stabilization measures in the midterms.


By Peter Fabris, Contributing Editor | December 6, 2022
Support for multifamily rent control legislation grows as metros face big rent hikes Image by Alfred Derks from Pixabay
Image by Alfred Derks from Pixabay

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.

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Multifamily Housing

St. Louis’s first transit-oriented multifamily development opens in historic Skinker DeBaliviere neighborhood

St. Louis’s first major transit-oriented, multi-family development recently opened with 287 apartments available for rent. The $71 million Expo at Forest Park project includes a network of pathways to accommodate many modes of transportation including ride share, the region’s Metro Transit system, a trolley line, pedestrian traffic, automobiles, and bike traffic on the 7-mile St. Vincent Greenway Trail. 

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