After some Florida tenants have had their rent increase by as much as $1800 per month when their apartment lease came up for renewal, one Florida state senator is working on a bill that, if passed, would cap rental increases at 3% per year.
No one can deny that Florida is currently experiencing an affordable housing crisis. For example, we recently reported on the story of Sara Espinoza, a Florida woman whose rent doubled from $1700 to $3500 per month when it came time to renew her lease.
Stories like these have become all too common among Florida renters.
While it may appear that some landlords are simply being greedy (and that very well may be the case in some instances) the issue can be more complicated. For example, property insurance rates have recently shot through the roof and those costs need to be absorbed by someone. So, they often get passed on to the renter.
However, one Florida lawmaker has a plan to cap the amount that landlords can increase apartment rent each year. Senator Randolph Bracy recently filed an amendment to SB-2, that if passed, would cap the amount that a landlord can increase rents at 3% per year.
Currently, Florida law prohibits countries from imposing rent control measures. Therefore, the passage of a state law lifting the prohibition on rent control would be needed to enforce such a cap.
However, the passage of a statewide rent control law could be a longshot since such measures have the potential to hinder new housing development projects and artificially suppress home values.
What do you think?
Are you in favor of capping rent increases at 3% per year?
Or, do you think rent control laws are bad for the economy long term?
Let us know your opinion in the comments.