SB 611 - "Rent Control 2.0" - which adds new provisions to rent control that will further inhibit investment in Oregon. Establishes a 3% + CPI cap on rent increases, triples the relocation assistance payment, & cuts down 15-year exemption for new construction to 3 years.
OPPOSED by member Multi-Family Northwest.
Update: 4/14/23
SB 611 has passed out of the Senate Housing Committee and is sitting on the President’s desk. As of right now, there are not the votes to pass this bill, but that could certainly change.
The -4 amendment is 5% + CPI with a cap of 10%. It is certainly accurate to say that the -4 amendment is better than the initial bill. However, most economists agree that any rent control is bad public economic policy. There remains a lot of time before sine die and the discussions continue.
First public hearing on Monday, March 27 at 8 a.m.
From Multifamily NW:
It’s official: SB 611 – which establishes a 3% + CPI cap on rent increases, triples the relocation assistance payment, and cuts down the 15-year exemption for new construction down to 3 years – is scheduled for its first public hearing in Salem on Monday, March 27 at 8 a.m.
We are so grateful to the more than 400 advocates who have sent emails to the legislative committee so far. It’s been making a big difference.
But now that there’s a hearing scheduled, we need your help TODAY to flood the public record with opposition.
If it’s helpful, here are some general talking points to help with your testimony. Be sure to add in your own experiences and stories to illustrate why this bill would be a disaster for rental housing in your community.
- My name is [FIRST + LAST] and I live in [CITY]. I have worked in the rental housing industry for [MONTHS/YEARS]. Please vote NO on SB 611.
- It's clear that rent control isn't working in Portland or around the state. Most of our cities are growing more unaffordable by the day. This bill will make things even worse and doesn’t address the root cause of housing instability.
- Housing Oregonians at the sole expense of those providing their housing is not sound public policy and is not a sustainable way to address housing instability. We need to focus on permanent rent assistance and increasing supply.
- If the state wants to achieve the goal of 36,000 new housing units per year, we cannot pass this bill. More rent control will only disincentivize new development and ownership of rental units. This bill leads us further away from our housing goals.
- SB 611 will drive small and large rental owners out of the market and hamstring much needed multifamily developments. Lack of housing supply makes it harder for businesses to grow, for local governments to have a solid tax base, and for Oregonians to stay in their own communities.
- Rent prices are set by several factors like rising utility and insurance costs, inflation, increases in the cost of maintenance and payroll, and local tax burdens. All of these costs are only increasing.
It’s also CRITICAL to show up for the hearing next Monday. Strength in numbers will be key. If you want to join us in Salem and read your testimony for the record, we would love to see you there.
Thank you in advance for your help defeating this terrible proposal. If you plan to join us in Salem next week, reach out to jonny@multifamilynw.org and we will coordinate with you.
Multifamily NW is at the table with decisionmakers nearly every day, and your actions right now can strengthen our position immeasurably.
Sincerely,
Deborah Imse
Executive Director
Multifamily NW
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