This state poised to be first to impose sweeping rent control

Oregon lawmakers passed a measure to limit rent increases

National /
Feb.February 28, 2019 09:30 AM

Governor Kate Brown and Portland (Credit: Getty Images and Unsplash)

Oregon is poised to become the first state to implement statewide rent control.

Lawmakers passed a measure that would impose limits across the state on how much landlords can raise rents, the New York Times reported. The legislation would limit increases to 7 percent annually plus the change in the Consumer Price Index, which measures inflation.

Some newer and smaller buildings would be exempt, the report said. The move comes as states and cities across the country have struggled with housing affordability — with rents rising faster than wages. In Oregon, the median rent has increased by more than 14 percent statewide.

“There is no single solution — not one entity, or one person — that can solve Oregon’s housing crisis,” said Gov. Kate Brown. “This new legislation is one of many actions Oregon needs to take to address our housing crisis. While it will provide some immediate relief, we need to focus on building supply in order to address Oregon’s housing challenges for the long term.”

In New York, Brooklyn State Senator Julia Salazar submitted her first housing bill last month, which would pave the way for “universal rent control” in New York State. The “good cause” eviction bill is a proposed amendment to the state’s real property law and would prevent tenants in nearly any market-rate apartment from being evicted for not paying an “unconscionable” increase in rent.

Unconscionable is defined as an annual increase of more than 150 percent of the regional Consumer Price Index, as it stands in the month of August of the preceding year. The Salazar bill could effectively cap rent increases this year at just 3.3 percent at virtually every unregulated New York City rental apartment, and by similar amounts elsewhere.

Other cities are also considering legislation to tackle the affordability crisis. In Boston, there is a proposal for steep taxes on developers, and in Denver, the city is considering allowing for more carriage houses to be built. [NYT] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Phase out of flood insurance subsidies could upend coastal real estate markets
Phase out of flood insurance subsidies could upend coastal real estate markets
Phase out of flood insurance subsidies could upend coastal real estate markets
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
 An industry report says that mortgage lenders and investors are ill-prepared for the growing challenge of climate risk. (iStock)
Mortgage market stakeholders are unprepared for growing climate change threats
Mortgage market stakeholders are unprepared for growing climate change threats
Macklowe Properties CEO Harry Macklowe, CIM Group Co-Founder Richard Ressler and 432 Park Avenue (Getty, CIM)
432 Park Avenue residents sue developers for $250M
432 Park Avenue residents sue developers for $250M
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...