SALEM — In a packed office this morning, Governor Kate Brown signed into law Senate Bill 608 — making Oregon the first state in the nation to limit rent increases.
“This legislation will provide some immediate relief to Oregonians struggling to keep up with rising rents and a tight rental market,” said Governor Brown. “But it does not work alone. It will take much more to ensure that every Oregonian, in communities large and small, has access to housing choices that allow them and their families to thrive.”
Governor Brown called for additional investments to stabilize the housing market and increase the supply of affordable homes. Her 2019-2021 budget includes $400 million in new investments aimed at ending homelessness for Oregon’s children, providing permanent supportive housing for the chronically homeless, housing Oregon’s veterans, and accelerating the growth of housing supply by tripling the existing pipeline of affordable housing by 2023.
Sets a 7% Cap on Rent Increases
Senate Bill 608 is one of many spearheaded by House Speaker Tina Kotek, Senator Ginny Burdick and Senator Monnes Anderson intent upon bettering the housing market for Oregon residents. It places a rent increase cap of 7 percent annually plus the change in the Consumer Price Index, a measure of inflation.
Families, politicians and news teams flooded the Governor’s office to offer their support for the housing initiative.
“The fact is that this is affecting people, beyond myself and beyond people around me in my direct community, this is affecting all of Oregon,” said Doug Bibby, president of the National Multifamily Housing Council.
Bibby continued, “Without rent control, without controls over the landlords, we are saying money is more important than people. This bill is finally saying people are more important.”