Rent Cap Bill Gets Stronger in CA Legislature
The bill to limit how much landlords can raise rents each year in California got dramatically stronger recently after Gov. Newsom and lawmakers announced plans to beef up AB 1482 by extending its lifespan and lowering the rent cap.
The California Rental Housing Association, a lobbying group for landlords, repeated its past criticisms that the plan will “discourage needed rental housing supply”.
This is an important bill to watch.
Will Recession Fears Affect the Housing Market?
Recession fears are growing, and that may prompt some Americans—who are still haunted by the last one—to get skittish about the housing market. Don’t expect another “real estate fire sale” if the economy heads into another recession, economists say.
“This is going to be a much shorter recession than the last one,” George Ratiu, senior economist with realtor.com®, notes in a recent article at the site. “I don’t think the next recession will be a repeat of 2008. … The housing market is in a better position.”
Just 2% of economists, strategists, academics, and policymakers surveyed believe a recession will occur this year, based on a survey of more than 200 members of the National Association for Business Economics. Thirty-eight percent believe a recession will begin in 2020, while 25% say by 2021. Fourteen percent don’t expect a recession until after 2021.
If the country does enter into a recession, will home prices plunge like they did during the Great Recession? Many economists don’t believe so.
Where can you afford to rent in California?
Economists say you shouldn’t spend more than 30% of your earnings on rental costs. Using this data, map out the state’s rental market. How much do you make in a year in Los Angeles, San Francisco or Fresno counties? Or use this link to calculate it for yourself…
August Sales Statistics in the Bay Area and the Central Coast
Comments: Sales are down across the region except for the higher priced areas of Cupertino and Sunnyvale although the number of sales declined. The list to sale price is still trending down with the peak in April and May for most areas. Days on the market were significantly lower than the previous month and possibly due to a decline in inventory. New listings peaked in April in Monterey County at 362; in Santa Cruz County at 249 in July and in Santa Clara County at 1519 also in May.
Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.