“In last Tuesday's municipal election, 52 percent of voters approved Question 1, an ordinance that puts a hard annual 3 percent cap on rent increases. It makes no allowances for inflation or exemptions for vacant apartments and new construction that are typical in other rent control policies. The new ordinance doesn't go into effect until May 2022. Nevertheless, several real estate companies with large projects in the works have already announced that they're pulling their permit applications. That includes Ryan Companies. Local NBC affiliate KARE 11 reports that the company pulled applications for three buildings in its proposed 3,800-unit Highland Bridge project.”
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