Relating To Rent Control.
Under SB1113, landlords will be prohibited from increasing rent by more than five percent in addition to the change in the cost of living over a twelve-month period. Additionally, landlords can only raise rent once in that timeframe, and they are required to provide tenants with at least sixty days' notice before any rent increase and ninety days' notice before terminating a tenancy. These provisions are designed to provide tenants with more predictable housing costs and greater stability in their living situations.
Senate Bill 1113 aims to address the critical housing crisis in Hawaii by implementing strict rent control measures. This bill comes in response to the state's alarming rental price increases which have greatly affected tenants across various income levels, contributing to personal financial strain and exacerbating homelessness and overcrowding in the population. The legislation seeks to stabilize the rental market by limiting rent increases and providing greater security for tenants facing eviction.
The bill does not expand or limit counties' authority to establish their own rent regulations, which means local governments can still enact additional measures if they choose. However, there is potential contention regarding how closely this bill aligns with existing rental market conditions and whether it adequately addresses the underlying issues of housing supply. Some stakeholders argue that while the bill's intentions are noble, it may discourage property investment and development, which could inadvertently worsen the housing supply issue if not managed effectively.