Elected officials in Maryland’s Montgomery County Council introduced the “Housing Opportunity, Mobility, and Equity (HOME) Act” on March 2. The act would limit rent increases to an amount determined by the “Voluntary Rent Guidelines,” or 3%, whichever is lower. The purpose of the act is to keep renters in their homes by preventing rent gouging, reducing displacement, and creating cost predictability for tenants and landlords. A similar measure – the “Rent Stabilization Act of 2023” – was passed in February by Maryland’s Prince George County.
In addition to the HOME Act, Montgomery County councilors introduced the “Tenant Assistance and Protection Package.” The legislation would cap maximum rental increases in multi-unit buildings at 8% plus the rate of inflation. The act would also increase funding for Montgomery County’s Rental Assistance Program to $30 million, representing a 150% increase compared to pre-pandemic levels. The act likewise aims to increase homeownership opportunities in historically underserved communities by creating a $3-million fund to support first-time homebuyers and allocating an additional $1.5 million to homeowners who are most at risk of losing their homes.
In introducing the legislation, members of the Montgomery County Council are replicating the successful efforts of housing advocates in Prince George County. The Rent Stabilization Act, which became law on April 17, temporarily amends the “Landlord-Tenant Code” to limit rent increases to 3% over a 12-month period. The passing of the measure makes Prince George County the most populated county in Maryland to have rent control measures in place.
Both bills are now in committee, where they will be the focus of scheduled hearings.
Learn more about the HOME Act here.
Learn more about the Tenant Assistance and Protection Package here.