An attempt by lawmakers to expand rent control in California died in a legislative committee last week. The proposal, authored by Assemblyman Richard Bloom (D-San Monica), would end a law known as the Costa Hawkins Act which prohibits cities from adopting rent control policies on properties built after 1995.
The 3-2 vote ends the bills journey through the Capitol but supporters are determined to bring the issue directly before voters in the November 2018 elections. The deeply polarizing issue is likely to be a hotly debated issue should it appear as a ballot initiative.
Supporters of expanding rent control claim it gives renters a measure of security against sharp rent increase while opponents believe it would hurt landlords financially and could hinder new construction which is already failing to keep up with demand.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent while 15-year rates are near 3.5 percent.
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