Rent control: local ordinances: residential units.

Existing law, the Costa-Hawkins Rental Housing Act, prescribes statewide limits on the application of local rent control with regard to certain properties. That act, among other things, authorizes an owner of residential real property to establish the initial and all subsequent rental rates for a dwelling or unit that has been issued a certificate of occupancy after February 1, 1995, has already been exempt from a residential rent control ordinance as of February 1, 1995, pursuant to a local exemption for newly constructed units, or is alienable separate from the title to any other dwelling unit or is a subdivided interest in a subdivision and meets specified requirements, subject to certain exceptions. This bill would prevent the application of the above-described limitation on local rent control measures where the property is owned by an applicable large business, defined as a business entity that owns 10 or more single-family residential properties and has annual gross receipts of $1 billion or more.