In the wake of double-digit apartment annual rent increases and the cost of houses increasingly out of reach for people, a number of states have proposed rent control on housing, as the National Multifamily Housing Council recently noted. Florida, Illinois, Maryland, and Kentucky are among these states.
"Legislation in Illinois, Maryland and Kentucky, which would have either capped rents or revoked statewide rent control preemption, failed to advance out of committee," the NMHC wrote.
Florida had seen the filing of a measure to revoke statewide preemption, which would eliminate restrictions on statewide rent control. "Of concern, however, is activity at the municipal level," the organization writes. "While Florida preempts rent control statewide, municipalities may enact rent control for one year if both: the municipality declares a "housing emergency;" and voters then pass a ballot referendum on rent control."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.