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Proposition 33, titled Expands Local Governments’ Authority to Enact Rent Control on Residential Property, and also marketed as the "Justice for Renters Act", was a California ballot proposition and initiative statute in the 2024 general election that would have repealed the Costa–Hawkins Rental Housing Act and allowed localities to enact ...
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Rent control laws define which rental units are affected, and may only cover larger complexes, or units older than a certain date. To attempt to not disincentivise investment in new housing stock, rent control laws often exempt new construction. For example, San Francisco's Rent Stabilization Ordinance exempts all units built after 1979. [63]
As GOBankingRates previously reported, a survey from the rental platform Zumper found that the median rental price of a one-bedroom unit rose 11.6% in 2021 alone, while the median price of a two ...
While many cities in California raised rents to record-breaking highs in 2022, the state of California does have statewide rent control caps. City specific laws extend to cities in Northern and ...
Proposition 33 would repeal a 1995 law called the Costa-Hawkins Rental Housing Act, which generally prohibits local governments from limiting rental rates as issued by landlords.
In the 1997 Kavanau case, [76] a rental property owner challenged the City of Santa Monica's rent control law as a form of "taking" or inverse condemnation prohibited by the federal Constitution. The California Supreme Court affirmed the rulings by lower state courts in favor of the city.
In 2021, 20.1 million U.S. households paid more than 30% of their income on rent (utilities included), according to the U.S. Census Bureau’s 2021 American Community Survey.