Dozens of Perth Amboy residents gathered to testify to city council about their housing conditions amid rising costs. The council voted 5-0 in favor of the new ordinance that slows the rate at which landlords can increase rent for tenants.For the first time in more than 30 years, the Perth Amboy city council voted last week to slow down the rate of rent increases for tenants.
In previous years, Perth Amboy landlords could raise rents by 5% annually under the city’s rent control rules. But under a new ordinance approved last week, tenants will only see a maximum increase of 3% at the end of their lease — or a maximum of a 2.5% hike if they also pay their unit’s water bill.
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Who the eff would ever invest in rental properties where the market is controlled by the state. Can’t build generational wealth.