Oregon's elected officials are trumpeting the nation's first statewide rent control law as a fix for the housing crisis—that is, rising rents—in the state's largest city, Portland. They even think that they've reached a compromise to hold down rent increases while still encouraging development: new housing construction will be exempt from controls for 15 years, while rent restrictions will be capped at 7 percent annually.
“The bill is a critical tool for stabilizing the rental market throughout the state of Oregon,” said Governor Kate Brown, after signing the legislation. “It will provide immediate relief to Oregonians struggling to keep up with rising rents in a tight rental market. But it doesn't work on its own. It's going to take much more work to ensure every Oregonian . . . has access to housing choices that will ensure that they and their families can thrive.”
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