> But a more comprehensive approach including requiring multi-year lease options, 12-month or greater rent increase notice requirements, and rent increase caps that prevent catastrophic rent hikes but still allow units to align with market rates over longer timeframes.
If you require landlords to give 12 months notice of rent increase and cap the year-over-year increase, the outcome is entirely predictable:
Every 12 months, tenants will receive a notice of pending rent increase, and that rent increase will be the maximum allowed by law.
This game has already been tried before. Once you start tying people's hands, the optimal strategy is to become as aggressive with rent increases as the law will allow. The only time you back off is if you have a vacancy you can't fill, but that's unlikely because once a city starts controlling rents heavily (even with your proposed laws) it discourages more construction.
There's basically no difference between strict rent control and a rent control that limits rent increases to X% per year with 12-month notice period. They're the same thing because once you cap something, people feel compelled to chase the cap for fear of getting left behind.
> Every 12 months, tenants will receive a notice of pending rent increase, and that rent increase will be the maximum allowed by law.
I'd suggest having no maximum increase, and having the landlord be liable for moving costs if the tenant chooses to move and the landlord is not able to re-rent the unit within a short time period at the increased rent price.
If you require landlords to give 12 months notice of rent increase and cap the year-over-year increase, the outcome is entirely predictable:
Every 12 months, tenants will receive a notice of pending rent increase, and that rent increase will be the maximum allowed by law.
This game has already been tried before. Once you start tying people's hands, the optimal strategy is to become as aggressive with rent increases as the law will allow. The only time you back off is if you have a vacancy you can't fill, but that's unlikely because once a city starts controlling rents heavily (even with your proposed laws) it discourages more construction.
There's basically no difference between strict rent control and a rent control that limits rent increases to X% per year with 12-month notice period. They're the same thing because once you cap something, people feel compelled to chase the cap for fear of getting left behind.