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California rent control battle rages on

Posted by Mehran Aram on Mon, May 6, 2019 @ 05:05 AM

A new effort is underway in the state capitol to prohibit landlords from raising rent by more than 5 percent above the Consumer Price Index. The bill passed the Assembly's key Housing and Community Development Committee by a 6-1 vote last week.

Those opposed to the legislation say that Bill 1482 could disrupt the natural market and financially hurt property owners. California voters rejected Proposition 10 last November which would have implemented statewide rent control measures.

Gov. Gavin Newsom has stated that he favors measures to control rent hikes which he believes would help quell a housing affordability crisis in the State.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

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Topics: California, Mortgage rates, Housing Affordability, Rent Control, Bill 1482, Housing and Community Development Committee, Gavin Newsom