Newsom lifts caps for new home rents in wealthy L.A. neighborhoods

Governor Gavin Newsom has lifted a price cap on new rental listings for some single-family homes in Los Angeles, specifically targeting properties in areas like Bel Air and Beverly Hills in response to concerns that the restrictions were hindering post-fire housing availability. The price-gouging laws, triggered by recent wildfires, had limited monthly rental prices for properties not previously offered for rent to $9,554, impacting the market. Newsom’s executive order waived these rules for larger homes in select ZIP codes, while still enforcing restrictions on price increases and extending protections to rental agreements of any length until March 8.

Full Article