More States Are Pursuing Rent Control. That's Bad News for Landlords.
More States Are Pursuing Rent Control. That's Bad News for Landlords.
While most of the dozen or so proposals aimed at curbing rent increases are in their early stages, some states have already taken action. DJ More States Are Pursuing Rent Control. That's Bad News for Landlords.
DJ越來越多的州正在推行租金管制。這對房東來説是個壞消息。
By Will Parker
威爾·帕克(Will Parker)著
Big apartment owners are expected to post strong earnings when they start reporting this week, but a number of state-sponsored rent-control measures are starting to raise longer-term concerns.
預計大型公寓業主在本週開始公佈財報時將公佈強勁的收益，但一些國家支持的租金管制措施開始引發更長期的擔憂。
While most of the dozen or so proposals aimed at curbing rent increases are in their early stages, some states have already taken action.
雖然旨在遏制租金上漲的十幾項提案中的大多數還處於早期階段，但一些州已經採取了行動。
Oregon passed a law in February that capped rent increases to 7% plus the local inflation rate. Democrats in the Colorado legislature introduced a bill this month to repeal a longstanding ban on rent control, which would allow local governments to set their own rent limits. New York lawmakers are also weighing a cap on rent increases.
俄勒岡州在2月份通過了一項法律，將租金漲幅限制在7%加上當地通貨膨脹率。科羅拉多州立法機構的民主黨人本月提出了一項法案，旨在廢除一項長期的租金管制禁令，該禁令將允許地方政府設定自己的租金限制。紐約立法者也在權衡租金上漲的上限。
Equity Residential, AvalonBay Communities Inc. and Essex Property Trust are among the apartment real-estate investment trusts that could be hit by these measures, which have gained momentum after Democrats took control or increased their numbers in several state legislatures last year.
Equity Residential、AvalonBay Communities Inc.和Essex Property Trust是可能受到這些措施打擊的公寓房地產投資信託基金之一。在民主黨人去年控制或增加了幾個州立法機構的席位後，這些信託基金的勢頭有所增強。
The prospect of tougher rent control laws hangs over the industry at a time when the apartment business has been strong otherwise, and analysts have a positive near-term outlook.
在公寓業務表現強勁的情況下，更嚴格的租金管制法律的前景籠罩着該行業，分析師們對近期前景持樂觀態度。
A recent Barclays PLC report forecast apartment REIT earnings to be strong for the first quarter of 2019, citing high occupancy rates and low apartment turnover. "The tone we're expecting from the multifamily guys should be fairly positive," said Ross Smotrich, a Barclays analyst.
巴克萊(Barclays PLC)最近的一份報告預測，2019年第一季度公寓REIT的收益將強勁，原因是入住率高，公寓週轉率低。巴克萊(Barclays)分析師羅斯·斯莫特里奇(Ross Smotrich)表示：“我們預計多户家庭成員的語氣應該相當積極。”
But Mr. Smotrich said speculation over the spread of rent control laws is difficult to account for in longer-term forecasts.
但斯莫特里奇説，很難在較長期的預測中考慮到有關租金管制法律推廣的猜測。
John Pawlowksi, an analyst for the real-estate research firm Green Street Advisors, said the new bills could cause apartment stocks to underperform, despite positive market fundamentals. Green Street downgraded California-focused Essex Property Trust shares to "sell," in part because of political possibilities, he said.
房地產研究公司Green Street Advisors的分析師約翰·帕洛克西(John Pawlowksi)説，儘管市場基本面積極，但新法案可能導致公寓類股表現不佳。他説，Green Street將專注於加州的Essex Property Trust股票評級下調至“賣出”，部分原因是出於政治可能性.
Shares of the six largest apartment REITs are up 9.8% year to date, compared with a 16% gain for the S&P 500 stock index.
今年到目前為止，六家最大的公寓REITs的股價上漲了9.8%，相比之下，標準普爾500指數(S&P500)的漲幅為16%。
SunTrust Robinson Humphrey last summer downgraded Equity Residential from "buy" to "hold." The firm pointed to the landlord's exposure to California, which last year had a ballot measure that would have repealed longstanding limitations on rent control.
SunTrust Robinson Humphrey去年夏天將Equity Residential的評級從“買入”下調至“持有”。該公司指出，房東在加州的風險敞口很大，去年加州有一項投票措施，將廢除長期以來對租金管制的限制。
The real-estate industry spent millions of dollars to help defeat that measure. But California lawmakers have introduced two new bills that would allow deeper rent control, and some of the other bills have rattled the apartment market.
房地產行業花費了數百萬美元來幫助挫敗這一措施。但加州立法者已經提出了兩項新的法案，這兩項法案將允許更深入的租金控制，其他一些法案已經擾亂了公寓市場。
Equity Residential Chief Executive Officer Mark Parrell said his company plans to expand its political efforts in other states, emphasizing the new construction as a way to address affordability issues.
Equity Residential首席執行長帕雷爾(Mark Parrell)説，他的公司計劃擴大在其他州的政治努力，強調新建築是解決負擔能力問題的一種方式。
"You should expect us to be active trying to convince both the public and the policy makers of the value of these supply-driven solutions," he said in an interview.
他在接受採訪時表示：“你應該期待我們會積極努力説服公眾和政策制定者相信這些由供應驅動的解決方案的價值。”
In New York, where a bill to cap rent increases on apartments statewide has the support of the chairman of the State Senate's housing committee, multifamily building sales in the first quarter of 2019 dropped to their lowest point in six years.
在紐約州，一項限制全州公寓租金上漲的法案得到了州參議院住房委員會主席的支持，2019年第一季度，多户住宅的銷售額降至六年來的最低點。
While New York State Assembly Speaker Carl Heastie hasn't made that bill part of his housing reform agenda for this year, his spokesman seemed to leave the door open for the statewide rent control measure: "The Assembly Majority has always been a strong supporter of tenants and tenant rights, and this is a new issue that we will be further exploring in our upcoming hearings."
雖然紐約州議會議長卡爾·希斯蒂(Carl Heastie)尚未將該法案作為今年住房改革議程的一部分，但他的發言人似乎為全州範圍內的租金管制措施敞開了大門。“議會多數派一直是租户和租户權利的堅定支持者，這是一個新問題，我們將在即將舉行的聽證會上進一步探討。”
Most New York proposals focus on apartments already covered by existing rent protections. Increased regulation of those units could boost rents on market-rate apartments, if it means less investment and less supply, said Joseph D. Fisher, chief financial officer of Colorado-based landlord UDR Inc. in a February earnings call.
紐約的大多數提案都集中在現有租金保護措施已經覆蓋的公寓上。科羅拉多州房東UDR Inc.首席財務長約瑟夫·D·費舍爾(Joseph D.Fisher)在2月份的財報電話會議上説，加強對這些單元的監管可能會推高市價公寓的租金，如果這意味着投資和供應減少的話。
While most of UDR's New York portfolio consists of market-rate apartments, a property it acquired earlier this year in the Williamsburg section of Brooklyn is regulated under current New York laws.
雖然UDR在紐約的投資組合大多由市價公寓組成，但它今年早些時候在布魯克林威廉斯堡(Williamsburg)地區收購的一處房產受到紐約現行法律的監管。
--Inti Pacheco contributed to this article.
--Inti Pacheco對本文也有貢獻。
(END) Dow Jones Newswires
(完)道瓊通訊社
April 23, 2019 09:00 ET (13:00 GMT)
2019年4月23日東部時間09：00(格林尼治標準時間13：00)
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譯文內容由第三人軟體翻譯。
