California has become the third state this year - after New York and Oregon - to make advancements on statewide rent control. Affordable housing is a big problem here, resulting in growing homelessness, citizens opting to leave the state, or costs Californians are struggling to afford.
On Thursday, the state legislature passed a bill that would cap rent increases for many buildings across the state at 5% annually. Governor Newsom is expected to sign it into law. But there's debate on whether the state is doing itself a favor or shooting itself in the foot.
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