California could soon be limiting landlords on how much they raise your rent each year.
The action taken on Monday by the Senate Appropriations Committee was that a decision will be made at the end of the month.
Meantime, if you’re a renter, you’ve probably had your rent hiked at some point.
“All I get in the mail, ‘Hey we’re increasing your rent this month by 60, 70 bucks’ and I’m like okay, I need to put in more hours in at work. I need to cut down on my classes,” said Fresno renter, Cole Dedmon.
State Bill 1482 could protect renters in Fresno and all throughout California.
Essentially, it would make it illegal for property owners to raise rent more than 7% plus inflation, capping out at 10%.
Some renters say it’s been a long time coming and it’s hard enough to make ends meet.
“They want to raise our monthly rent up up up up, where you’re going to have to look for two, three, four jobs a day,” Dedmon said.
“For people on social security, disability, you’re cut right to the dollar every month,” said Fresno renter, Teresa Torres.
On the other side, it could affect the number of new apartments being built and on top of that…
“If you put caps on what rents can be, there probably will be less improvements going on,” said Adam Goldfarb, Chief Operating Officer of Property Management Company, Manco Abbott. “All costs go up. That’s just a fact.”
The California Apartment Association and the California Association of Realtors are fighting the bill.
Properties built in the last ten years would be exempt.
The bill needs to be approved in the full senate before going to the governor’s desk.
A UC Berkley report estimates that this bill could impact 4.6M households statewide.
The law would expire in 2023.