BUTTE COUNTY, Calif. - In wake of the Camp Fire, the Chico City Council approved a temporary 10 percent cap on rate increases for rental properties.
For a new property, it can go for 160 percent of the HUD established market value.
Representatives from the North Valley Property Owners Association say they're concerned that any sort of rent company will degrade property values and the local economy long-term.
The ordinance also applied toward short-term rentals and hotels.
"This city council asked me, 'What can we do to find something to help these evacuees to ensure that they are adequately supported?" said Chico City Manager Mark. "This was one that was just right off the bat."
The ordinance takes effect immediately and is good for six months, at which point the council can then choose to renew every 30 days.
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