SB  1698 and HB 1261

Rationally, we should support SB 1698 and HB 1261, effective as of July 1, 2023, relating to protecting extreme rental increases  and security deposits in communities for adults aged 55 or older.     

The bill provides a security deposit is limited to one month, and an increase of the rent of a dwelling unit to no more than 12 percent of the initial rental fee over a 5-year period.

But …

There are two sides on a coin – and questions remain –

Landlords are in  business to make money, and not in  business to subsidize renters.   

And, if operation costs increase significantly – what measures are to be implemented if landlords cannot pass the costs on to tenants?     

And, even if prohibiting certain landlords from increasing the rent, savvy landlords will use to find a loophole  -- different LLCs, etc…

The bill is a start … but not the end …

EFFECTIVE JULY 1, 2023