MoCo Rent Control Bills

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This sounds wonderful

Why can’t Northern VA do this? NOVA offers very little help or financial assistance to renters compared to MD and DC

Rent control doesn’t incentivize future construction of apartments.

In Sweden it incentivized condo and coop conversions.

Moron alert. Have you ever lived in Stockholm? Do you realize what a compete sh*tshow their apartment and housing market is. Like, people writing letters pleading for housing with sob stories like "I'm a medical doctor and my wife is teacher, we have two children and one has incurable cancer, can we please rent this one bedroom apartment?" They then get put on a waitlist for three years while they live in a slum. Seriously anyone who argues in favor of any kind of housing policy based on Sweden is a complete ignorant fool

Holy smokes. "Moron alert."

The pp was arguing *against* rent control, because of what happened in Sweden, you "complete ignorant fool." .

That's not clear at all from their eight word sentence, which sounds like it is praising condo conversions

[Anonymous]

Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

[Anonymous]

So short sighted. I uses to only raise the rent after many years or between tenants. Now you better believe that I will be maxing out my rent increases each year so that I don’t fall behind without recourse. These numbers were lulled out of a hat.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So, to make sure I understand-

Cap rent at 3% increase.

But increase the property tax by ten %. Got it.

Apples and oranges. Your property tax did not increase your monthly payment by 10%.

Republican outrage usually stems from a lack of math education.

I'm not a Republican, and I fully understand the math. Thank you though.

Then what is your point? The two percentages are unrelated and are wildly different in total amount. 3% of $2500 is very different than 10% of $800k.

Its not that the figures are the same.

Its that inflation is supposedly requiring a 10% increase in the property tax rate.

But at the same time we expect landlords to hold to a 3% increase in their rents, as if their costs have not also gone up in similar amounts.

You literally do not comprehend basic math. We can’t help you.

[Anonymous]

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

*as long as you expose yourself to personal liability

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

*as long as you expose yourself to personal liability

If you don’t like it sell your rental to someone who wants to live in it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

*as long as you expose yourself to personal liability

If you don’t like it sell your rental to someone who wants to live in it.

Taking rental units off the market will cause regional rent rates to increase.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

Are you sure? I would think this is true for some llc’s but not for sole member llc’s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.

https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

Thanks. It was my old condo that I rent out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

Are you sure? I would think this is true for some llc’s but not for sole member llc’s.

The bill says "natural person" aka not a company/corporation in layman's terms

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

*as long as you expose yourself to personal liability

If you don’t like it sell your rental to someone who wants to live in it.

Taking rental units off the market will cause regional rent rates to increase.

Adding rental units to the sales market will cause regional purchase prices to decrease.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

*as long as you expose yourself to personal liability

If you don’t like it sell your rental to someone who wants to live in it.

Taking rental units off the market will cause regional rent rates to increase.

Adding rental units to the sales market will cause regional purchase prices to decrease.

People renting starter homes are not usually able to buy an equivalent house even at a discount. A house that costs $1.25mil in Bethesda would rent for $4-5k tops. Some older rentals would be even less than that. That’s almost half of what that same house would cost each month with a mortgage and expenses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, Council passed permanent rent control today, with a 7-4 vote. Lots of amendments, explained here.

Rent increases capped at 9%
When a rental vacates, landlords can only raise rent 10% for new tenants.

Rent control won't apply to construction within the past 23 years.

There is an exception if there is substantial renovation that costs the owner 40% of the property's total value.

Landlords only owning 2 units or less are exempt.




https://montgomeryperspective.com/2023/07/18/rent-control-votes/

So I only have 1 condo- this means I can theoretically raise rent 15% a year?

As long as you own it directly. If you own it through an LLC you have to obey the rent law.

*as long as you expose yourself to personal liability

If you don’t like it sell your rental to someone who wants to live in it.

Taking rental units off the market will cause regional rent rates to increase.

Adding rental units to the sales market will cause regional purchase prices to decrease.

People renting starter homes are not usually able to buy an equivalent house even at a discount. A house that costs $1.25mil in Bethesda would rent for $4-5k tops. Some older rentals would be even less than that. That’s almost half of what that same house would cost each month with a mortgage and expenses.

Who said anything about a SFH? PP said condo. And who said anything about current tenants? The unit that becomes available for purchase could be bought by anyone who would otherwise be renting for lack of availability of homes for purchase. There’s no loss of housing stock when something converts from a rental to an owner occupant. It’s still a house.