Effective Date: June 5th, 2024
Key points:
Prohibition of Rent Price Gouging:
During a disaster period and within the designated area, if a disaster declaration specifically notes a significant decrease in residential housing units, it is deemed an unfair and unconscionable act to engage in price gouging for rent-based housing.
Definition of Price Gouging:
For dwellings on the market immediately before the disaster, an increase in rent exceeding the greater of the previous year's rent increase percentage or 10% compared to the rent just before the disaster is considered price gouging.
For dwellings not on the market immediately before the disaster, setting rent more than the greater of the previous year's rent increase percentage or 10% higher than similar nearby dwellings that were on the market before the disaster is considered price gouging.
Definitions:
"Disaster period" refers to the duration from the start of a disaster declaration and continuing for one year after the initial disaster date.
"Designated area" is the specific geographic area identified in a disaster declaration.
This legislation aims to protect tenants from exploitative rent increases during times when housing availability is significantly impacted by disaster
