Rent control coming to Virginia

[Kris Haskins]

So I read last week the politicians in Richmond, VA voted down a bill to stabilize rent in the state. HOWEVER, don't get too happy yet. The Virginia Housing Committee did create panel to do a feasibility study on rent control. I have friends in NYC and they tell me of horror stories of tenants using the rent control laws to drag out leases for years.

     Being a landlord, on one hand I feel like I should be able to charge whatever I want.  On the other hand, rents are out of control here in Hampton Roads Virginia, which I'm sure are everywhere else, and some people are going to really get pushed out of the market for single family rentals.  

      Perhaps people will have to simply start living w/ extended family and friends, I know I have in the past to save money.  But, what are your thoughts on rent stabilization pros and cons for us and the market...  Further, it seems like states like to follow suit with other states, just like the short term rental regulations, so I won't be surprised is these ideologies move state to state too.. 

[Chris Seveney]

@Kris Haskins

Yes they created a panel but that’s a long way to go before becoming a law. Virginia is a state that swings bothe spectrums of the political side which is typically a good thing and most likely I do not think we will see any new laws on it soon.