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NIMBYs advocating rent control is eternally frustrating.
The solution to housing shortages or runaway housing prices is to both build more and create a robust government subsidy program for workforce and tax credit housing.
I'm ready for my MS from other pleb renters who take it upon themselves to be upset on behalf of their wealthy bosses but the greater of 3% or 150% of CPI is not that bad on renewals. Can always mark to market on the turn.
Until rents on vacant units skyrocket because of the lack of available apartments for renters. I'm sure they'll go after that too.
Which is one of the major issues of rent control - it encourages slumlord behavior. If you can only get 3% on a renewal but can get 5%-7% on a new lease, what's your incentive to fix that broken dishwasher or replace the filter on the HVAC unit? Plenty of shitheads out there will just annoy their tenants until the tenant gets fed up and leaves.
Yes, genius. Expenses rising by 6% annually and rents rising by 3%...sounds like a plan for profit.
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