The Prince George’s County Council in Maryland has introduced a bill that would permanently impose rent caps — or rent stabilization as the council calls it.
The bill, introduced by Council Chair Jolene Ivey and backed by five other council members, was quickly panned by progressive groups that rallied outside council chambers, and by progressive members, who criticized Ivey as the bill was introduced.
The bill would cap rent hikes at 3% plus the rate of inflation, with a 6% hard cap. Under the bill, it’s possible that landlords who don’t raise rents with the cost of inflation could bank that increase for subsequent years — essentially allowing them to increase rent by as much as 10% on a one-time basis following several years of lower or no rent hikes.
The caps also wouldn’t be applied to any rental properties that were finished in this century. Progressive advocates want to be able to roll that 24-year exemption over in the future. For instance, next year it would only apply to properties finished after 2001, and in 2030, to properties that were finished in 2006. The law mirrors much of what is already done in Montgomery County.
“We’re trying to be responsible and responsive” and look out for people, Ivey said, adding that during the pandemic, there were landlords who “radically increased” rent, which she said wasn’t fair to anyone. Ivey said that’s what the 3% cap was addressing in the first place.
Click here to read the rest of the article written by John Domen over at WTOP
