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The act limits rent increases on buildings built before 1974.
In attractive central districts (the kinds of places where journalists who write about out-of-control rents tend to want to live) prices have risen much faster.There is already a law in place that limits rent increases under an existing lease, based on local housing costs.
The city's rent stabilization ordinance limits rent increases to a pace that's usually slower than the rate of inflation, which means that 45percentt of the city's units are actually seeing rents decline in real economic terms.
He successfully sued the city, asserting that the mandate violated a state law — the 1995 Costa Hawkins Rental Housing Act — that limits rent control.
Similar(56)
For the 9 million people who rent homes rather than own them, Ed Miliband's recent announcement that a Labour government would reform the private rented sector and limit rent increases is a welcome step towards easing concerns over stability, security and cost.
Labour had pledged to limit rent rises but not to reduce rents.
The bill would also limit rent increases for new tenants to 10 percent, down from 20 percent.
Property developers' lobbyists failed to stop a law limiting rent rises, which goes into effect this summer.
Rent-control ordinances, for example, sharply limit rent increases after the initial lease for most housing constructed before 1979.
Then, in 1969, the city passed a "rent-stabilisation" law to limit rent rises on homes built since 1947.
Though the apartments are pricey, through an agreement with the city they are rent-stabilized, limiting rent increases each year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com