Redwood City just delayed a rent-cap vote. And it's being hailed as a win for renters. But read the draft: the cap would apply to renewals and new leases at CPI or 5% — vacancy control by another name. In practice, that keeps Peninsula development capital on ice. Who writes an 8-figure check when your pro forma could get rewritten in one election cycle? Three observations: 1) Mid-market operators already report rent to credit bureaus and offer first right of refusal — the tools policymakers say they want. 2) Supply is what actually bends the curve. Caps don't add units; permitting and construction do. 3) Wage growth has outpaced rent growth in professionally managed stock for 41 consecutive months. That's the trend worth watching — not the saber rattling. Today's delay is a speed bump, not the end of the fight.
#housing #rentcontrol #multifamily
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