Rent Control Phase Out.

RENT CONTROL PHASE OUT. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Sets forth findings and declarations regarding rent control. Adds section to constitution stating no law shall provide for regulation of rent for rental housing. Provides that occupied rental housing units subject to local rent control laws at date of adoption of this section remain subject to the terms of local law until unit is voluntarily vacated. Adds statute directing Governor and Legislature to make housing an urgent priority consideration and to pass legislation addressing problems of adequate supply, affordability, quality, and availability. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This initiative would result in administrative cost savings to local governments to the extent they are precluded from regulating rents on residential housing units. Since most local rent control activity is supported by registration fees, adoption of this measure probably would not result in any significant fiscal impact on state or local governments