Why?
Several reasons.
First, people from out of state would not want to buy California rental properties whether they would be from another state or country because of rent Control.
Why?
Because of all the extra fuss and paper work and because Property Management companies are going to have to charge rental property owners much more because of Rent Control.
These are just some of the reasons your rental property is going to drop significantly in value if Rent Control passes next week in California.
I'm thinking this change could also cause a recession in the state of California just from lost revenue of people who own rental property as well.
However, I do think (on an individual city basis) that Rent control might be a good idea. But, to do this to the state likely could create a recession or downturn in California regard to selling any rental property in the state anywhere if this passes.
So, city by city passing rent control might be necessary so retired or fixed income people aren't driven out of their homes one by one state wide especially places from about San Jose up through Marin County caused by rich techie millionaires and billionaires from Silicon Valley raising the prices in places like San Francisco so high people who grew up there cannot afford to live there anymore. Otherwise, people who grew up here will especially be driven out of places like San Francisco more and more to the country or completely out of the state to Nevada, Arizona and Oregon and Washington and places like this even though they don't want to move because California has ALWAYS been their home.
But, passing rent control State wide is ONLY going to lead to a state slowdown or a state wide recession especially among rental property owners as well as all people in the building trades or those who supply building supplies throughout the state.
So, if Rent Control passes state wide just expect a California recession soon after it goes into effect. And where California goes the nation soon follows.
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