Reply to MoCo Rent Control Bills

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.

[b]Landlords only owning 2 units or less are exempt.[/b]

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

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

As long as you own it directly. If you own it through an LLC you have to obey the rent law. [/quote]
*as long as you expose yourself to personal liability[/quote]

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

Taking rental units off the market will cause regional rent rates to increase.[/quote]

Adding rental units to the sales market will cause regional purchase prices to decrease. [/quote]

People renting starter [b]homes[/b] 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.[/quote]

"Home" and "house" are not synonyms.
[/quote]

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