Comment Re: is what it is (Score 1) 361
Rent control didn't stop three corporations in as many years to buy the apartment complex I lived in for over a decade, repaint the exterior walls in a different color scheme and redo the landscaping, and charge "luxury" rental rates. The third corporation is actually renovating the apartments to justify the "luxury" rental rates. Rent control in San Jose prevents them for raising the rent more than 8% each year, so no doubling or tripling of the rents during a hot real estate market. For three years after the Great Recession, there was no rent increases at all.
San Jose's only applies to apartments built before 1978 IIRC (I think there is a separate one for mobile home parks). That accounts for only 33% of the apartment rental stock according to a recent study commissioned by the city.