Newly Approved Bill California Rent Control AB1482
California approves statewide rent control bill authored by San Francisco Lawmaker.
According to Liz Kreutz ABC7NEWS
“The rent cap bill, AB1482, essentially makes rent control the law of the land in California. There’s only one other state in the country do this and that’s Oregon.
So, here’s what you need to know:
- Under this new law, for the next decade landlords will only be able to raise rent for an existing tenant by 5% after inflation — no more. Meaning a landlord can’t just raise your rent some crazy amount that no normal person can afford.
- On top of that, it will be harder for a landlord to kick a tenant out. They will actually have to have a legitimate reason (i.e. the tenant isn’t paying rent).
- There are few exceptions. For instance, the rent cap will initially only apply to California apartments built before 2004. It would also exempt single-family homes (unless owned by a corporation) and duplexes where the owner lives in one of the units.
- In parts of the Bay Area, the rent control bill may not have too much of an impact. San Francisco and Oakland, for instance, already have their own rent control laws and this new law doesn’t override those.”
First Team Real Estate
License #: 01146880
Income Units for Sale: