New Rental Laws in California 2024: Discounts – Increase !
New Rental Laws in California 2024: California enacted significant changes to its rental laws in 2024 aimed at striking a balance between tenant protections and property owner rights. From limits on annual rent increases to stricter eviction policies, these rules reshape the rental landscape for both tenants and landlords.
Annual Rent Increase Limits
New Rental Laws in California 2024: Beginning January 1, 2024, California introduces a decade-long cap on annual rent increases. Homeowners are limited to a maximum of 5% after adjusting for inflation. The measure, designed to curb skyrocketing rents, provides tenants with stability and predictability in their housing costs.
Just Cause Exclusion Policy
Landlords are now required to provide a “just cause” to evict tenants, effective April 1, 2024. This policy increases tenant protections, ensuring that tenants can only be evicted for specific reasons set out in the law.
Such regulations promote housing security and prevent arbitrary evictions.
Discounts
Single-family homes or duplexes that are owner-occupied are exempt from the new rent control laws. This exemption acknowledges the unique circumstances of certain property types while focusing on the broader goal of housing sustainability. Additionally, California cities with existing rent control laws are not subject to these new regulations.
Maximum fare increases for 2023-2024
The maximum allowable rent increase for 2023, applicable to properties covered by AB 1482 (California Tenant Protection Act), will take effect from August 1, 2023, through the end of July 2024.
The increase is calculated by adding five percent to it. Consumer Price Index. This interim measure bridges the gap between the old and new rent control laws.
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Security Deposit Restrictions
Effective July 2024, the maximum-security deposit charged by a landlord is capped at one month’s rent, regardless of whether the unit is furnished or not.
Owners of more than two properties with a total of four units may request two months’ rent as a small landlord deposit. The measure aims to reduce the financial burden on tenants and promote more accessible housing options.
Housing Production Boost
Senate Bill 423, authored by Weiner, expands a law that allows developers of multifamily housing to bypass certain approval processes in cities. This extension, lasting a decade beyond the original 2026 sunset date, is intended to streamline housing development and address the current housing crisis.
Task Force Oversight and Potential Ballot Challenges
Recent laws have established a task force to monitor labor in the fast-food industry and placed restrictions on new oil wells. However, industry groups are pushing qualifying measures for the November 2024 ballot to potentially repeal these laws. This highlights the ongoing debate between industry interests and regulatory oversight.
As California adapts to the evolving needs of its residents, the new rental laws in 2024 reflect a commitment to balancing tenant protections and property owner interests. From rent control measures to eviction policies and security deposit restrictions, these regulations aim to create a more equitable and stable rental environment for all parties involved.
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