California lawmakers on Wednesday passed a statewide cap on annual rent increase...
FILE PHOTO: A"For Rent" sign is posted outside a residential home in Carlsbad, California, U.S., January 18, 2017. REUTERS/Mike Blake
The bill limits annual rent increases to 5% after inflation and takes effect from March of this year. It also imposes restriction on evictions - a significant factor in the state’s burgeoning homeless population. “In this year’s State of the State address, I asked the Legislature to send me a strong renter protection package,” Newsom said in a statement after the bill passed. “Today, they sent me the strongest package in America.”
The California Business Roundtable said in a statement it supported the legislation because it creates “a statewide standard that will put more than 95 percent of multifamily units under a consistent and uniform rent standard.”
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