A proposed bill that seeks to ban steep rent hikes in California has been changed in an effort to win support prior to a deadline. Assembly Bill 1482, authored by David Chiu, D-San Francisco, would sunset after 10 years and properties built within the past decade would be exempt.
Chiu said in a statement about the changes, “Just as the bill gives renters stability, we are providing landlords stability as well by including a sunset date in the bill. “We also want to be sure that this legislation does not deter housing production, so we will be exempting new housing units up to 10 years old.”
The rolling exemption would go away once a property reached the 10-year mark. The Assembly must approve the bill by month’s end to give it a chance at passing this year.
The amendments wouldn’t affect the cap proposed, which would allow annual increases of up to 5% plus the rate of inflation. The cap would apply to nearly all California rentals not already under rent control, except for new construction properties.