A Rent Stabilization Ordinance will improve the lives of many Mountain View residents, and due to state law (Costa Hawkins)will not cause any reduction in the willingness of developers to build new rental housing. Costa Hawkins requires that rent stabilization can only apply to rental units built prior to 1995. That means that new units will not be covered by rent control, but many older units could be. And if rent control is enacted, will older units fall into disrepair? Apartment owners are certainly making plenty of money to fund repairs at current rental rates. Rent stabilization only limits the rate of increase in rent, and only for ongoing tenants. When a new tenant moves in, market rate can be charged. So yes, rent stabilization doesn't lower the rent of a new tenant, but at least that tenant will have a chance of being able to remain in their apartment long enough for their children to complete elementary school without having to move their family. That matters. Rent stabilization gives renters some security that their insanely high rents won't double overnight.

A Wage Stabilization Ordinance along with a Rent Stabilization Ordinance will improve the lives of many Mountain View residents, and will not cause any reduction in the willingness of workers to supply labor. Like Costa Hawkins requires that rent stabilization can only apply to rental units built prior to 1995, we would apply the wage ordinance to residents that live in these older units. That means that new units will not be covered by rent control or wage controls, but many older units could be. When a new tenant moves in, market rate can be charged for rent since the new renter is also earning market wages. So yes, rent and wage stabilization doesn't lower the rent or wages of an old tenant, but at least that tenant will have a chance of being able to remain in their apartment long enough for their children to complete elementary school without having to move their family. That matters. Rent and wage stabilization gives renters some security that their insanely high rents or wages won't double overnight.