LA sees rental prices surge up to 24% post-wildfires; governor caps hikes at 10%.
The Washington Post reported a 20% increase in Los Angeles rental prices following wildfires, suggesting illegal price gouging. However, Governor Gavin Newsom banned rent hikes exceeding 10% of previous rates. While median rents rose between 12% for multi-family homes and 24% for single-family homes, these increases don't necessarily violate the new rules. Higher prices can help allocate scarce housing and encourage more units to enter the market.
2 months ago
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