Bloomberg: In Pricey California, Renters Near Respite From Landlord Gouging
According to Bloomberg,
Even so, the number of renters who actually saw rent increases exceeding the cap is probably far more limited. An analysis by Zillow Group Inc. showed that about 5% of apartments listed in the state this year saw hikes that exceeded what would be allowed. That’s down from 16% three years ago. Average rents for units in apartment buildings have been rising at about 4% annually statewide, the company’s data show.
“This probably would fall in the ‘sigh of relief’ camp for landlords,” given some of the other proposals that have been floated to protect tenants, said John Pawlowski, a senior analyst at real estate research firm Green Street Advisors.
The powerful California Association of Realtors has come out against the new version of the bill, saying it “discourages new rental housing.” But the California Apartment Association, which represents landlords, said this week that it planned to remain neutral on the legislation after successfully lobbying for changes.
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