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this post was submitted on 09 Jun 2024
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Sure, so Oregon did the same thing in 2019.
"7% plus the Consumer Price Index for All Urban Consumers, West Region (All Items), as most recently published by the Bureau of Labor Statistics, or 10%, whichever is lower."
https://www.oregon.gov/das/oea/pages/rent-stabilization.aspx
So 10% in 2024, 14.6% in 2023, 9.9% in 2022.
What this does is encourage landlords to increase rent by the maximum allowed, because they don't know how much they can increase it next year.
Even in years where they might not have had a reason to increase rent, or increase it minimally, they take the maximum.
https://www.opb.org/article/2022/09/13/oregon-maximum-rent-increase-announced/
I guess the argument is that they will raise rent by the maximum, even at excessive risk of losing tenants? Because if the tenants will pay that much, why wouldn't the landlord charge that anyway?
Yup, it incentivizes the landlords to maximize increases.
I bought a house in October of '21, I had been renting an apartment for $1,800 a month. My mortgage is just over $2,000 and is locked in for 30 years.
I looked up my old apartment for funsies recently... $2,300 a month.
Which tracks...
$1,800 in 2021. 2022 - 9.9% increase +$178.2 = $1,978.2
2023 - 14.6% increase +$288.82 = 2,267.02
2024 - 10% increase +$226.70 = $2,493.72