SALEM, OREGON: State lawmakers today voted to make Oregon become the first U.S. state to have statewide limits on how much landlords can raise rents.
"There is no single solution — not one entity, or one person — that can solve Oregon's housing crisis," Governor Kate Brown (Democrat) said in a statement Tuesday.
"This new legislation is one of many actions Oregon needs to take to address our housing crisis. While it will provide some immediate relief, we need to focus on building supply in order to address Oregon's housing challenges for the long term."
The legislation would generally limit rent increases to 7 percent annually plus the change in the Consumer Price Index, a measure of inflation. Some smaller and newer apartment buildings would be exempt.
The Democrat-controlled House of Representatives passed the bill by a vote of 35 to 25, largely along party lines. It had already been approved by the State Senate, and Gov. Kate Brown, a Democrat, plans to sign the bill, a spokeswoman said Tuesday.
The median rent in Oregon has increased by over 14% statewide in recent years. Rents in Portland rose by 30 percent since 2011, adjusted for inflation.
IMAGE: Oregon House of Representatives