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Lawmakers try to provide relief from high rent prices

Posted by Mehran Aram on Mon, Jun 10, 2019 @ 05:06 AM

After a California ballot measure to expand rent control failed last November, lawmakers are looking into other options to curb the seemingly endless increase in the state’s rent prices. Legislators are weighing bills that would take dramatic steps to control prices like prohibiting landlords from raising the rent more than 5 percent per year after inflation. A new rent control proposition is also expected to be on the ballot in 2020, according to an article on Realtor.com.

On a local level, the city of Long Beach, where rent costs have shot up by more than 25 percent since 2014, is forcing some rental unit owners to pay for a tenants moving expenses if they raised the rent more than 10 percent in the previous year.

In San Diego, where rent prices are among the highest in the nation, someone making $40,000 per year may still need a roommate to avoid monthly living expenses eating away more than half of each paycheck.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

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Topics: Mortgage rates, Rent, California Housing Market, Rental Prices, High Rent, California Rent Prices