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In 2019, growing concern about a lack of affordable housing led legislatures in the nation’s two largest multifamily markets — New York and California — to enact rent stabilization measures. Of the two, the New York laws were more restrictive, limiting the ability of owners to raise rents after renovating rent-stabilized apartments and to deregulate them when rent crossed a set threshold. In California, Gov. Gavin Newsom signed a bill that restricts landlords from raising annual rent more than five percent above the local cost of inflation. Properties built within the last 15 years are exempt, and the bill sunsets in 10 years.

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