With rents rising in Connecticut, advocates are lobbying for a law to cap costs. The proposed measure is receiving pushback from landlords.
CT Mirror reporter Ginny Monk has more on the rent cap debate:
The public hearing covered two bills that cap annual rent increases for rental housing and at mobile home parks at 4% plus the consumer price index. But the bills outline broader philosophical questions the Housing Committee is considering this session in addition to highlighting real-world consequences for Connecticut residents.
“Housing is a human right, and it isn’t for profit,” said Victoria Ramos, a renter and member of the Hartford Tenants Union. She said she and her neighbors had experienced rent increases recently of up to 50%, putting her at risk of losing her home.
Ramos, like many who spoke in favor of House Bill 6588, said they wanted to see the addition of language that would ban landlords from increases between tenants and expanded protections against no-cause evictions, typically evictions that occur when a lease expires.
Landlords said the bills would disincentivize housing providers from increasing the state’s housing stock or keeping existing units and would mean that landlords would have to bear increased costs that might surpass the amount set by the state. To assess the potential financial impact more accurately and make informed decisions, landlords can use a landlord rental yield forecast tool.
Full story here.
The opposite of a cap is the Fed’s ability to print money and the recent results of the C.A.R.E.S. Act, both of which put upward pressure on rental costs. and are pro-landlord. Talk with your elected official.
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