Mogul of Pineapples
- Centurion Member
- Posts: 1271
- Joined: Sun Jun 01, 2008 11:32 pm
- Location: Smogland
Magyar is right. I'm not sure about the rest of the state but I know in Los Angeles county rent control was changed from allowing a maximum 3% raise in rent per year to 5%, and of course all the landlords do the maximum allowed increase. This is ridiculous when you think about it. If you have a mortgage your payment isn't going up 5% annually.
The other downer is that rent control is only on the older buildings in certain areas. All buildings from the last 20 or 30 years (don't recall the exact year) don't fall under rent control for some reason. This has resulted in us being at the mercy of property management, allowing them to raise rent to whatever they want. I have a friend who is creditworthy and the ideal tenant, yet they raised rent on him 35% (yes, 35%) one year after he moved in.
I really don't get how highway robbery like that isn't viewed as a problem, but the idiots that got themselves adjustable rate mortgages for way more than they knew they could afford is.
Luckily I haven't had to go into debt with my credit cards because of this yet, but if my rent is jacked up a ridiculous amount like happening to others I will be in debt.
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