California Lawmakers Pass Rent Cap Bill

Vacancy Rate For U.S. Apartments Reaches Highest Rate In 20 Years

California could be moving toward limiting the amount of rent increases throughout the state after the State Assembly narrowly approved a rent-cap proposal Wednesday night.

Lawmakers are facing growing pressure to protect renters from steep increases in rents that already are high. If the State Senate approves the bill and Governor Gavin Newsom signs it, California would become the second state to limit annual rent increases covering millions of properties that are not under local rent control rules.

Oregon became the first state to do so earlier this year.

Photo: Getty Images

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