A survey of U.S. renters reveals a number of key insights into both the typical renter’s current living situation as well as their aspirations and levels of satisfaction on various topics.
One in five people (21% of those surveyed) do not plan to purchase a home in the future. While the vast majority of respondents currently rent their home, only 79% of all respondents want to buy in the future. This is a significant difference from last year’s survey results, where 90% of respondents reported they planned to buy a home in the future, and just 10% did not.
A state assembly committee voted Thursday [January 11, 2018] to reject a bill with broad implications for the ability of California cities to impose rent control restrictions on local landlords. The bill would have repealed the 1995 Costa-Hawkins Rental Housing Act, which exempts newly constructed housing from rent control laws and prevents cities from limiting a landlord’s ability to raise rents on a unit after a tenant moves out.
323.APARTMENTS (formerly Admiral Realty) has average cumulative rent increases of only 2%. Rent control imposed on 323.APARTMENTS properties would actually raise rent, not stabilize them as the law intends. Rent control laws artificially control prices by ignoring tenant loyalty and market conditions. A landlord is not allowed to offer rent discounts to long-term loyal residents because it will lose the right to raise the rent at a future date, since rent ceiling are in effect. Politically, the topic rent control is favored by tenants because they are led to believe that the law will keep their rents under control. However, tenants are not warned about the hazards of controlled pricing and its harmful effects on housing quality, neighborhood crime, and the ill effects from landlords who are forced to raise rents according to rent control timelines or be disallowed from raising rents later. Basically, rent control laws dictate when a landlord can raise rent, even if the economy is dismal. This means a landlord is forced to raise rent in poor economic conditions or otherwise lose the right in the future, when the market conditions improve. This type of pricing control discourages real estate investment and deteriorates cities.
What is Costa Hawkins?...