California voters can repeal statewide rent control restrictions

California's statewide rent control rules have essentially been on hold for three decades. The Costa-Hawkins Act, named for the Democratic and Republican lawmakers who sponsored it, prohibits local governments from imposing rent control on homes built after February 1, 1995.

The law allows property owners to charge whatever amount they charge when a previously rent-controlled unit comes back on the market, but limits how quickly the rent can increase over time when a new tenant moves in.

If California voters approve Proposition 33 in November, Costa-Hawkins would be repealed. While this wouldn't immediately impose rent control statewide, it would give local jurisdictions back the power to regulate rents if they wish.