Earlier this month California Governor Gavin Newsom (D) signed into law a measure that would cap rents throughout the state of California, a move that the real estate industry has warned could have dire long-term consequences.
The law, which takes effect in January, limits annual rent increases that landlords can enact on tenants to 5% after inflation. Lawmakers in California said the rent cap was driven by skyrocketing affordability throughout the state.
Northern Virginia is no stranger to the struggles of rising housing costs and a lack of affordability in the region. NVAR has long supported efforts to maintain and increase housing affordability and address the housing shortages across Northern Virginia.
Now with the arrival of Amazon’s HQ2 to National Landing, a spotlight has been shone on this need for additional and affordable housing. Along with this increased focus on housing affordability some local governments and tenant groups have mentioned rent control or rent stabilization as a solution for the preservation of affordable housing units in our region.
NVAR strongly opposes any form of rent control and we will be active in opposition should any proposal be put forward to grant local governments in Virginia the authority to oversee rent control policies.
Read NAR’s white paper report on rent control to learn more about the association's findings on the issue.