Submitted by: Holly Simmons
Submitting Department: Community & Economic Development
Agenda Section: Presentation
Item Title:
title
Rent Stabilization Policy Analysis - Enterprise Community Partners Presentation
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Suggested Action:
recommendation
For Presentation and Discussion
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Summary Background:
In 2021, the City of Hyattsville adopted its first Housing Action Agenda, a 10-year plan to address the city's most pressing housing needs. The plan included a commitment to create four new tools - a dedicated local funding source for housing, development of public land, expansion of tenant rights, and creation of rent regulations. In 2022, leadership began exploring what a rent stabilization policy could look and in April of 2023, via HCC-324-FY23, City Council authorized the City Attorney to prepare a rent stabilization ordinance in line with their recommended policy framework. Soon after, the City engaged Enterprise Community Partners to conduct a study on the proposal and provide recommendations to strengthen the policy.
Across the DC metropolitan region and beyond, jurisdictions are adopting locally tailored policies as part of their housing affordability, stability, and equity toolboxes. Several counties, including Prince George's County, have adopted temporary anti-gauging policies while contemplating more nuanced long-term solutions. It is in this context that the Enterprise team produced this report.
As the name of the policy implies, rent stabilization policies are designed to support a more stable housing market. They are not intended to solve a jurisdiction's housing affordability challenges; rather, they are developed to regulate rental increases over time and to prevent significant increases for tenants. Rent stabilization policies, while locally tailored, include five core components:
? Included and exempted rental units - the units that are and are not covered under a rent stabilization policy
? Allowable rent increases - the relative...
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