How Will State Wide Rent Control Impact Rentals?
Oregon has the distinction of becoming the first state in the United States to pass state wide rent control. California attempted to do this last fall, but it failed at the ballot box. Several large American cities, such as New York, have rent control laws, but no state until now.
The law as written will limit the rent increase in to 7% above the annual change in the consumer price index. It also prohibits landlords from terminating month-to-month leases without cause after 12 months of occupancy. There is an exception to this last - for those tenants who receive three lease violations within a 12 month period and the landlord provides them written notice within 90 days.
How this new law will…