How will renter protections impact the local economy?
Renter protections help to give renters greater economic security, which strengthens economic stability within the community as a whole by leaving tenants with more disposable income. Because low-to-medium-income people tend to spend locally, rather than invest far away, local businesses are able to reap greater profits from the increased commerce. Renter protections are also beneficial for employers in Santa Cruz, who are more hard-pressed than ever today to recruit and retain good employees, given the unaffordability index, and rent control will make it easier for more good workers to afford to live in the city where they work.
Predictable rents under rent control will help stabilize the living situations of the bedrock workers who make our city’s student- and tourism-based economy run, by allowing tenants to budget better for their futures. This allows them to reap the benefits of promotions or salary increases they earn, by investing into savings that they can use to build a better future, including becoming homeowners themselves, instead of those hard-won benefits going directly to cover the cost of relentless rent hikes.