Today we are asking that your contact your Senator to ask them to be a NO on Senate Bill 608. please feel free to add your personal story to the talking points or submit as is.
While SB 608 appears to take a new approach to historical rent control programs, it has the potential to cause the same unintended consequences that ultimately harm tenants:
• Economists nearly universally agree that rent control programs reduce the supply of housing units.
• A reduction in the number of units actually causes increased rents overall.
• Rent control programs decrease mobility for tenants and require larger security deposits to recoup costs associated with damage.
• Rent control programs encourage the transition of rental units to condominiums as well as provide incentive to tear down existing buildings for the construction of new ones.
• We have underbuilt housing of all kinds. But, recent investments in multifamily units in the Portland area has caused the steepest decline [in rents] across the US!
• The primarty goal of any good policy is “First, Do No Harm.” Rent control discourages further investments in much needed housing.
A statewide rent control system is unprecedented, no other state has adopted a statewide standard for rent control. The majority of states have laws that preempt rent control due to it’s evaluated negative impacts on supply.
• Only four states allow municipalities to impose rent control, and those programs have been anything but successful.
The Oregon Association of REALTORS® has been working in good faith with members of the Legislative Assembly to address structural problems with our housing shortage. We will continue to work with stakeholders and elected officials on positive solutions that do not cause further harm to our existing housing crisis.