California governor declares emergency due to wildfires, limits rent increases to 10%.

Governor Gavin Newsom declared a State of Emergency in California due to recent wildfires, implementing a 10% rent increase limit in Los Angeles and Ventura counties. This move aims to protect residents but may worsen housing shortages. District Attorneys from neighboring counties requested further emergency declarations to combat price gouging, yet experts argue this could hinder recovery by discouraging new investments. The best approach suggested is to let the market determine prices, though lifting current rent limits requires ending the entire emergency declaration.

2 months ago
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