Rent Control In Bay Area Big Topic In November
Rent control and eviction measures in the Bay Area are spreading like a California wildfire with six cities, including San Mateo, Oakland, Burlingame, Mountain View, Alameda and Richmond, weighing voter initiatives in November.
The latest efforts are attempts to temper skyrocketing rents, especially as more tech jobs flood into cities outside of Silicon Valley. Over the last five years, Bay Area rents have more than doubled, including in the cities considering rent control measures, the San Francisco Chronicle reports.
Economists and developers largely rail against rent control, saying it can limit supply, increase rents for tenants in noncontrolled complexes, doesn’t take a tenant’s income into consideration, and could have property owners cutting back on maintenance and repair costs. Many of the proposed laws would exempt properties built after 1995, which would limit the impact on newer developments. [SFC]