(Based on past rent control systems in Massachusetts. Rent control can vary by city or by state. Oregon California’s recently enacted rent control covers all rental units in each state except single-family homes in some cases. Proposals for nationwide rent control seem to apply to all rental units.)
Higher property tax bills. YOU will pay for rent control because the city loses revenue from devalued rent-controlled properties. When the city pushes rents lower and lower in response to tenant-voter demands, your tax bills will go up and up.
Higher property tax bills. Like single-family owners, YOU will pay for rent control in higher tax bills to keep the city “level-funded.” Much worse, under rent control, if you move out and want to rent your condo as an investment, it’s rent-controlled. Even worse yet, your condo might be hughly devalued if your city does what Cambridge did years ago: Require newly sold condos to be tenant-occupied and rent-controlled.
Owner-occupied 2- and 3-family owners
Higher property tax bills OR rent control applied to YOUR rental units. Lately, rent control is being applied to ALL rental units in a city or throughout a state, with no exemptions. If that happens, your rents will go lower and lower, and your property will steadily deteriorate more and more. IF owner-occupied 2-and 3-family properties are exempted from rent control, then YOUR property tax bills will go up and up. Move out and rent your property as an investment? It gets rent-controlled.
NON-owner-occupied 2- and 3-family owners
Rent control will apply to YOUR rental units. Your rental property is seriously devalued. Your rents keep falling further behind inflation. You cannot raise rents to cover repairs or improvements. Your property steadily deteriorates more and more. Your tenants hate you. Constant conflicts with tenants.
4-unit and larger owners
Rent control will apply to ALL your rental units, even if you live in the building. Your property is seriously devalued. Your rents keep falling further and further as prices of everything else go up. You cannot raise rents to cover repairs or improvements. Your property deteriorates more and more. Your tenants hate you. Constant conflicts with tenants.