Letter: Could homeowners stay if mortgages rose as rents do?

Could homeowners stay if
mortgages rose as rents do?

Alameda’s first rent-stabilization law discouraged high rent increases designed to profit off under-market rents. However, the yearly allowable increases of 5 percent are only advisory. Landlords appear before the Rent Review Advisory Committee and still do as they please.

Even a 5% increase slowly banishes citizens from our town, with no regard to bonds to the community. If every homeowner’s mortgage increased at that rate, few would be able to stay in town either.

The Alameda City Council should put a ceiling on rents at a percentage of the annual consumer price index. The council finally passed a just-cause eviction ordinance in April to the relief of many renters. The final step is a rent cap that stays close to the rate of inflation and is more manageable for Alameda’s renters.

Laura Thomas
Alameda

 

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