MEXICO CITY (AP) — The legislature of Mexico City approved the most ambitious rent control law since the 1940s Thursday, limiting rent increases to the rate ...
MEXICO CITY — The legislature of Mexico City approved the most ambitious rent control law since the 1940s Thursday, limiting rent increases to the rate of inflation in the previous year.
Mexico City, like many around the world, had seen complaints that rents were shooting up because of digital nomads and short-term rentals. But it appears that largely affected only a handful of touristy Rent control has a complex history in Mexico City. Under the 1940s fixed-rent laws, inflation quickly decimated rents in real terms, resulting in people paying pocket change for apartments. Landlords gradually abandoned the buildings, because the rental income was insufficient to pay for even routine maintenance.Old rental laws also made it hard to evict tenants for non-payment and gave some tenants the right of first refusal if the units they lived in were put up for sale.
Moreover, almost any new construction is out of reach for the poorest residents. Mexico's minimum wage is equivalent to about $1.50 per hour and the median wage is only about $4 per hour.
Rate Of Inflation Rent Control
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