Rising rents in Lafayette, ranging from 30 – 60% according to City Manager Steven Falk, have been causing consternation among many renters. The Lafayette City Council took up this issue recently, and in response, the new owner of the properties offered a “Max-10% lease option” which would allow for one year leases with a maximum increase of 10%, thus staving off any rent control mandate from the city.
When I lived in New York City this would be considered rent stabilization, as opposed to rent control, which was much rarer. Do you think there should be rent control in Lafayette? If not, should rent stabilization be mandated? Or should the market rule completely?