Bill > S0580

This bill introduces a comprehensive rent stabilization act that limits rent increases to 4% annually for private rental tenancies, with several key protections for tenants. During the first year of tenancy, landlords cannot increase rent, and after that, they must provide written notice specifying the increase amount and effective date. Landlords are prohibited from resetting rent more than 4% higher when terminating a tenancy without cause or refusing to extend a lease. The bill provides exemptions from the 4% cap in specific circumstances, such as when a tenant voluntarily leaves, when the rent is part of a subsidized housing program, or when the landlord receives an exemption from the secretary of housing (which can be granted for significant property improvements or substantial increases in municipal taxes or insurance). Tenants are given legal recourse to recover damages if a landlord violates these provisions, including potential recovery of three months' rent, actual damages, attorneys' fees, and punitive damages in cases of malicious conduct. Tenants must file any legal action within one year of discovering a violation, and the secretary of housing is tasked with enforcing the new regulations. The act takes effect immediately upon passage, providing immediate protections for renters.

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