Lawmakers push bill to help control high rent prices in New Mexico
NEW MEXICO (KRQE) – New Mexicans are paying more money in rent year after year, now lawmakers are looking at a big idea that could give cities back the power to intervene and control those price increases.
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Charles Castro has been living in a Rio Rancho rental home for the last three years alongside his two sons. and his last lease renewal saw his monthly rent jump from $1,635 to $1,875. 'It's less than three years and I got hit with over a 200 dollar increase, that's outrageous,' said Castro. 'Right now I'm hoping to get a promotion, I'm hoping to get a better job that will pay more so that I can feel more at ease and raising these two boys.'
Unaffordable rent increases are what Sen. Linda Lopez (D-Albuquerque) now said need to be reigned in. 'If the costs continue to go up even 50, 60 dollars that may mean that they can't afford one of the other important needs right for living,' said Lopez.
Senate Bill 216 would remove the 1990's 1990s-era law on New Mexico's books that prohibits local governments from applying rent control on rental companies and landlords.
Lopez said the rent hikes have gotten worse with large rental companies buying out homes and apartments. 'You have entities that come from out of state, purchase then you see suddenly an increase in cost,' said Lopez.
The rent control bill has failed in previous sessions, Lopez said that while opponents say it could discourage developers from investing, she thinks rent control would help a larger group of people already living here. 'It actually has helped to stabilize, especially for that contingent of persons who are living on the brink who need some stability,' said Lopez.
The bill has already passed the Senate Health and Public Affairs Committee and now it's on its way to the Judiciary Committee.
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