FBS and VP, Lucinda Lilley want to help clarify what AB 1482 will mean for FBS clients and those who need help navigating this difficult legislation.

What does AB1482 and Rent Control mean for Multi Housing Rental Owners?

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Here is what we know will happen in the housing market, if extensive rent controls are enacted:

• Fewer units will be built over time leading to an even greater housing shortfall.
• Units subject to rent control will not be well maintained and owners will not provide amenities or services that are otherwise designed to keep tenants.
• Landlords will discriminate more on tenant selection, seeking those more likely to move out versus those likely to stay long term.
• Housing unit quality will deteriorate and tenants will need to maintain their own units.
• Values will fall leading to possibly more defaults and foreclosures.

Rent control will result in reducing future housing supply, providing a windfall gain to a few tenants while gutting the value of existing rental stock, and lowering the quality of rental housing over time. It would result in more residents needing to leave California rather than helping future renters stay here, thus hurting the businesses and economy that has so successfully supported a strong housing market to date. What will really solve the affordability problem for tenants are state enforced approvals of new housing developments with greater density, higher maximum heights, lower parking requirements, development fees prorated by unit size and some protection from politically motivated CEQA lawsuits that do nothing but delay projects and raise the costs of production.

Curious to learn more about AB1482 and Single Family Homes? Watch this video