California, the nation’s economic powerhouse and most populous state, is set to pass a sweeping statewide rent control law in response to the state’s housing affordability crisis. The law will cover over 8 million residents and will limit rent increases to 5% above the rate of inflation.
The bill’s author, Assemblyman David Chiu from San Francisco said, “The housing crisis is reaching every corner of America where you’re seeing high home prices…Protecting tenants is a critical and obvious component of any strategy to address this”.