Montgomery County and Prince George's County in Maryland have long been a favorite of institutional investor landlords, The Wall Street Journal reported. Federal employees made a steady clientele with secure jobs and a need to be close to the capital.
That ended with rent control in the two counties. In July, each county passed legislation limiting rent increases to the lower of either 3% plus inflation or 6%. What made the new approach even more stringent is that the laws apply to both occupied and unoccupied units. That meant landlords couldn’t increase the price on unoccupied units to help manage the limitations on occupied units.
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