This is a 2-minute summary of Richmond’s Measure P on the November 8, 2022 ballot.
This measure will cap the yearly rent increase limitation for regulated units, from one hundred percent of inflation to sixty percent, as measured by the Consumer Price Index, “or a flat 3%, whichever is less.”
The Consumer Price Index basically measures the changes in what goods and services cost in a given time.
Basically, the measure will ensure that for rent-controlled buildings, the cost of housing does not increase at the rate of inflation. So, that invisible hand that runs the free market? It will be a little less handsy, at least with some of Richmond’s housing rentals.
Melvin Willis, a Richmond City Council member, endorses the measure. He and his proponents argue that “While inflation has risen, working families have not seen similar wage increases. Many in fact have not recovered financially from the pandemic. It has been consistently reported that during the pandemic the rich got richer and the poor got poorer.”
Those against this measure include Michael Vasilas, who is the founder of the Association of United Richmond Housing Providers. He also sits on Richmond’s Rent Board. He and his supporters argue that this measure will be detrimental to the city’s landlords, who they believe comprise of mainly “small housing providers” — though no exact figures were given.
Nevertheless, Vasilas and other opponents of Measure P say it is “another unbalanced approach that will degrade quality of life for all Richmond residents, and erode much needed rental housing in our city.”
So, this measure breaks down to two sides: if you are in a rent-controlled building in Richmond, this measure would cap any rent increases at three percent, or less. If you are one of Richmond’s small, “mom and pop” landlords, the invisible hand of this measure may dip a little deeper into your pockets.
That's a brief take on Richmond’s Measure P.
