There is talk of national rent control, with maximum rent increases of 3%, as well as only just cause evictions..
If your rents are below market, they could remain so forever. When it comes time to sell and you are getting $600 a month and the neighbor $800, the value of your property will be gravely diminished.
This punishes owners who allow long term tenants to remain below market. Eventually this will punish those tenants as well.
In some markets perhaps owners are evicting to gentrify, but in our market when an owner uses a 28 day no cause notice it generally means there is a behavioral problem. This will result in bad tenants staying and annoying their neighbors longer as well as more contentious relationships between owners and people that are problematic.
https://www.bisnow.com/national/news/multifamily/whats-in-aocs-national-rent-control-proposal-101041
“The economists are right, and the populists are wrong,” the Washington Post wrote in an editorial. “Rent-control laws can be good for some privileged beneficiaries, who are often not the people who really need help. But they are bad for many others.”
Specifically, the Place to Prosper Act calls for a cap of 3% or the annual U.S.. Consumer Price Index increase, whichever is greater, for rents in housing markets nationwide.
