California governor announces a deal to cap rising rent prices.
California Gov. Gavin Newsom reached a deal with apartment owners and developers Friday on legislation that would cap how rapidly rents can rise as the state grapples with a housing crisis.
It marks a victory for renters who say they are being priced out as rents rise, though many renters and social justice groups likely want an even stricter proposal. Democratic Assemblyman David Chiu of San Francisco, the bill's author, had made numerous concessions to the real estate and development industries to even get the bill to the state Senate.
"Now we must get serious about moving forward on production, which is the only way we address our housing crisis," Debra Carlton, senior vice president for public affairs, said in an email."The bill will protect millions of renters from rent-gouging and evictions and build on the Legislature's work this year to address our broader housing crisis," Newsom, Chiu, and legislative leaders say in a statement.
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