Rent Control: A 2019 Recap and a 2020 Look ForwardBy Kelsey Flannery - Friday, February 21, 2020 Freedom First REIA, LTD 0Comments Housing affordability has always been an issue for our country, but its spread beyond the coasts and to middle-income households has increased momentum behind calls for rent control and other draconian measures as a “quick fix” to the problem. Much is at stake for our industry as more than half of the total number of apartment units nationwide are at risk of potential new rent control regulations.In 2018, the industry spent more than $75 million to defeat a California ballot initiative that would have rolled back that state’s rent control restrictions. While the victory drew a line in the sand and showed the industry is prepared and ready to fight unwise and failed policies, another ballot initiative has already qualified for 2020. Moreover, two states enacted “anti-gouging” rent caps this year, setting a potential precedent for other states to follow. This memo provides a summary of actions taken in 2019 and offers a preview of what we expect in 2020. Suffice it to say, we have several fights on our hands in the year ahead.2019 Review:The year served as one of the most turbulent in recent memory for the multifamily industry, punctuated with major victories and defeats. The resulting rent control policies in 2019 have already led to a significant decline in investment in those areas as found in NMHC’s October Quarterly Survey. Here’s a look at where we saw the most action:In February, Oregon lawmakers adopted the nation’s first statewide rent control legislation, capping rent ... Read More… Leave / View Comments Scroll To Top