AN ACT LIMITING THE ANNUAL RENTAL PRICE INCREASE OF CERTAIN SENIOR LIVING FACILITY UNITS AND REQUIRING SIXTY DAYS' WRITTEN NOTICE OF SUCH INCREASE.

HB 6447 limits annual rent increases for seniors living in specific senior living facilities. It applies only to facilities owned by foreign corporations that operate over 500 units statewide, capping rent hikes at 3% plus the annual inflation rate. The bill also requires facility operators to provide 60 days' written notice before implementing any rent increase. This directly affects seniors in these large, foreign-owned facilities by restricting how much rents can rise each year and giving them advance notice. The policy change aims to provide greater financial predictability for residents.