Your guide to Proposition 33: Effort to expand rent control [Los Angeles Times (CA)]
Equity Residential Common Shares of Beneficial Interest (EQR)
Last equity residential common shares of beneficial interest earnings: 1/28 04:16 pm
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Source: Los Angeles Times
At the moment, state law limits rent increases for tenants in apartments and corporate-owned single-family homes that are older than 15 years. The cap is set at 5% plus inflation, with a maximum increase of 10%. Local jurisdictions can impose stricter caps, but with limits. State law generally prohibits local governments from putting rent control on single-family homes, as well as apartments built after February 1, 1995. In some cases, like the city of Los Angeles, that cut-off date is even earlier. The law allows property owners to charge whatever they want when a unit becomes vacant. Once a new tenant moves in, the limitations take effect. If Proposition 33 passes, it would repeal the state law that bans localities from capping rent on vacant units, single-family homes and apartments built after Feb. 1, 1995 or earlier. Local governments wouldn't be required to regulate rents on such properties, but they could if they wanted to. The measure is sponsored by the AIDS Heal
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