How Do You Feel About Rent Control?

  Rent control has been a hot topic in the real estate world for some time now, and it's on the ballot again in 2024. This will be the third time it's up for vote in California, so it's clear that it's a contentious issue that many people have strong feelings about.  Since many of our client's and overall Dana Point property owners are absentee owners, we at the DePerry Shab Team thought to share. For those who may not be familiar with rent control, it's a policy that limits how much landlords can increase rent for their tenants. The idea behind it is to protect renters from being priced out of their homes by landlords who want to take advantage of a competitive rental market. However, there are many who argue that rent control actually has the opposite effect. By limiting how much landlords can charge, some may choose to stop renting out their properties altogether or invest elsewhere, leading to a decrease in available housing options. So, how do you feel about rent control? It likely depends on a variety of factors, including your role in the real estate industry and the neighborhood you live in. For sellers, rent control can be a major deterrent for potential buyers, as they may be hesitant to invest in a property where they may not be able to charge a fair market rate in the future. On the other hand, renters may feel that rent control is necessary to ensure they are not priced out of their neighborhoods as prices continue to skyrocket. Advocates for rent control argue that it's a necessary step to protect vulnerable communities and ensure affordable housing options are available. If rent control does pass in 2024, it could have a major impact on the real estate industry as a whole. While it may offer some benefits to renters, it could also lead to a decrease in available housing and make it harder for investors to make a profit. Ultimately, the decision of whether or not to support rent control comes down to individual values and priorities. As the 2024 vote approaches, it will be important for everyone involved in the real estate industry to stay informed and engaged in the conversation. If you have any questions as to how rent control, if passed, will affect your valued asset, give us a call.  Janet and I are here to help!  And remember the old adage...change means opportunity! Don Shab DePerry Shab Team DRE#02115801