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In a matter of days, Gov. Gavin Newsom is expected to sign Assembly Bill 1482, legislation that will cap rent increases statewide and become California’s most significant rental housing law in a quarter century.
The bill, which comes from Assemblyman David Chiu, D-San Francisco, will cap annual rent increases at 5% plus the rate of inflation — which at present comes to about 8% — for much of the state’s multifamily housing stock. The bill also will apply “just cause” eviction policies to qualified housing across California.
Newsom, who has voiced strong support for the bill, is expected to sign the legislation into law early next week. He faces an Oct. 13 deadline to approve or veto bills this year.
With Newsom’s signature, California will become the second state in the nation to pass a statewide rent cap. Oregon passed a similar law earlier this year.
The legislation will take effect in January 2020 and sunsets in 2030 and will affect 2.4 million apartments, estimates the Terner Center for Housing Innovation at UC, Berkeley.
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