I choose to differ with the letter submitted by Loy Beardsmore. entitled “Why You Need to Speak Up Now.” I can understand why the writer, as a housing provider, would deplore proposed control of rent increases to 2 percent. But many of us long-time renters in Santa Barbara are concerned about rent increases that are forcing many to move out of town.
Her letter states that a rent increase cap of 2 percent would dissuade investment for new units. That my be true, but new units will not be affordable by the average Santa Barbara worker or retiree anyway.
The letter also states that the proposed caps will result in less upkeep of rental properties. Most Santa Barbara renters will tell you that decent upkeep is the exception. Many renters won’t even request repairs or will do it themselves to avoid an increase.
She says that the city would lose revenue due to lack of housing investment. But Santa Barbara could encourage investment in other businesses that cater to tourists as well as locals. Yet I believe investors in real estate can still earn a profit within a well-regulated rental market.
