Statewide rent control is here. Many owners are unaware of the new rent control law, what it entails, and how it affects their property values and management methods. For buyers, this new law will change the way that they forecast future rents and initial investment. This information and these resources are extremely important for all owners and investors to understand.
AB 1482: 3-part rent control law:
1. Rent Cap: limits how much you can raise the rents.
2. “Just Cause” Evictions: governs when evictions are permissible or prohibited and the necessary procedures to follow. Owners can no longer terminate tenancy for no reason.
3. Rent Relocation: There are two “umbrellas”, one at the State level and one at the City level
4. How does this impact property values?