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California bill seeks to repeal 1995 law limiting rent control

LOS ANGELES, CA - FEBRUARY 01:  A for rent sign is posted on an apartment building on February 1, 2017 in Los Angeles, California.  According to the Consumer Price Index, rental prices in Southern California have spiked 4.7 percent in 2016 compared to 3.9 percent in 2015. The increase is the fastest since 2007.  (Photo by Justin Sullivan/Getty Images)
Justin Sullivan/Getty Images
According to the Consumer Price Index, rental prices in Southern California have spiked 4.7 percent in 2016 compared to 3.9 percent in 2015. The increase is the fastest since 2007.

Housing and rental prices have gone up in tandem in California.

Housing and rental prices have gone up in tandem in California.

A state bill recently introduced in the California Legislature wants to lower rental prices by overturning a 1995 law.

AB 1506, co-sponsored by Assemblymember Richard Bloom (D-Santa Monica), seeks to repeal the Costa-Hawkins Rental Housing Act. Among other things, the 22-year-old law banned rent control on residential buildings constructed after 1999, and also allows property owners of rent-controlled buildings to raise rent to market rate if the units are vacated voluntarily.

Guests:

Dean Preston, executive director of Tenants Together, a statewide renters’ rights organization

Fred Sutton, director of Government Affairs at the Apartment Association of Great Los Angeles, an advocacy organization for the multifamily housing industry

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