Mayor Tom Butt,
According to Rent Jungle, the Richmond residential rental market is cooling off, not spiking as rent control advocates would have us believe. The average apartment rent over the prior 6 months in Richmond has increased by $9 (0.4%), less than 1% annualized, and two bedroom apartments have increased by $26 (1.2%), both far less than the 3.1 percent increase in the Consumer Price Index over the past year. One bedroom units in Richmond have actually decreased by $21 (-1.1%)!
Sales prices for home have also leveled off, according to Zillow, which rates the Richmond market as “cold.”
All this just over a month before Measure L, Rent Control hits the ballot in Richmond. It appears that the case for rent control is a little like preparing to fight the last war. The justification for it has gone away, but proponents are still determined to set up a multi-million dollar bureaucracy consisting of dozens of new public employees answerable to no one to limit increases that are no longer happening.
This piece first appeared in Richmond Mayor Tom Butt’s e-forum newsletter