Tampa council approves rent stability ordinance for November ballot (for sale, apartment)

[Charlie Allnut]

So the Tampa council passed the liability on to the voters (November ballot) for a rent control ordinance. Of course this would only apply within the Tampa city limits.

It would prevent landlords from increasing rents no more than 5% of their current monthly rates – or the average annual increase in the Consumer Price Index from the preceding year – whichever is lower.

Regardless of whether a good or bad thing or even the legality of it. My question is....

..... IF approved, it would not go into effect until July 1, 2023, So would we not see a large mass rent increase in the Spring?

[EngGirl]

This is so stupid. While I am all in for rent control, it should be fair for both sides. With current inflation rate, 5% is nothing. I totally see landlords not renewing the lease and getting new tenants every year.

[FL_Expert]

My understanding is it would have to be done as an emergency and only for a year unless it were extended. Voting for it on a ballot is part of the process. St. Pete was considering this too, but they didn’t move forward. If passed it will be challenged and they’ll probably lose in court.

[Charlie Allnut]

Originally Posted by FL_Expert

My understanding is it would have to be done as an emergency and only for a year unless it were extended. Voting for it on a ballot is part of the process. St. Pete was considering this too, but they didn’t move forward. If passed it will be challenged and they’ll probably lose in court.

The city commish was worried about litigation and a voting record, so they put it on the ballot instead of passing a resolution.
But we all know how "only for a year" works in a politician's mind. Once they get the revenue stream........

[FL_Expert]

Originally Posted by Charlie Allnut

The city commish was worried about litigation and a voting record, so they put it on the ballot instead of passing a resolution.
But we all know how "only for a year" works in a politician's mind. Once they get the revenue stream........

It’s a very slippery slope… The ballot portion is required. I followed St. Pete’s situation very closely. I care less about what happens in Tampa, but it sets a bad precedent for other municipalities.

[Sunshine Rules]

Rent controls are great in theory but the reality is that if landlords cannot make a sufficient property to cover maintenance & repairs, property taxes, insurance increases, etc then they cannot continue to operate the properties as rentals.

Rent control reduces the incentive of landlords to supply rental units. Rental units tend to be in even more of a scarce supply under rent controls.

There are always unintended consequences of laws like this.

[HWTechGuy]

Originally Posted by Sunshine Rules

Rent controls are great in theory but the reality is that if landlords cannot make a sufficient property to cover maintenance & repairs, property taxes, insurance increases, etc then they cannot continue to operate the properties as rentals.

Rent control reduces the incentive of landlords to supply rental units. Rental units tend to be in even more of a scarce supply under rent controls.

There are always unintended consequences of laws like this.

Yep. A friend of mine has his formal rental home sitting vacant up north because the town instituted rent control. He didn't renew the lease because he wouldn't have been able to charge sufficient rent to cover his increased insurance and tax costs. So, it will sit until he has a chance to get up there and prepare it for sale.

[urbancuriosity]

I would never invest in a property in a rent control zone. Rent control sounds like a great deal for the renters but it definitely is not a great deal for owners. My aunt and uncle lived in a rent controlled apartment for years. The landlord did the minimum repairs needed and never updated the unit.

[bobisinthehouse]

In my opinion. No one but the owner of the property has a 100% right to increase rent. If the City Government tells him he cant do that, then that city is corrupt.