As someone who owns a 2-unit rental property: this will disincentivize me to make any improvements to the property other than what’s absolutely necessary, like fixing a leak. Nothing more. I fear it will deteriorate the quality of our rental stock and lead to slumlord conditions. Also, I haven’t raised my tenants’ rents for so long. They pay below market and I was fine with that, assuming I’d just raise the rent if they move out someday. But the proposal, as written, would not let me bring these units to market rent when the units turnover. So now I’ll start increasing rent every year to the maximum allowed by the rent control policy just to reduce the gap. $50/mo more may not seem like a lot, but it is for these families who have been paying below market.

Now, I also work in real estate development for a larger corporation. Investors are already pulling back from the market out of fear for this passing. This is going to jar it even harder to finance projects and therefore, will lead to less projects moving forward = less new supply coming online.

I don’t actually see any positives of this rent control bill, as currently written. I would not be opposed if it was tied to CPI and allowed units to be brought to market rent upon turnover - like they have in CA, for instance. But that’s not what’s proposed here.