During the next few days, an initiative to stop the excessive increase in rents in Mexico City will be presented to the Mexico City Congress, which addresses three main points. We tell you what it’s all about.
At a press conference on Monday, July 29, Martí Batres Guadarrama, head of the Mexico City government, explained that this initiative would reform two articles of the Housing Law for Mexico City and two additions to the Civil Code in order to achieve three things:
- 1. Set a limit on rent increases: rent increases may never be higher than inflation
- 2. Digitizing contracts: the initiative aims to create a digital registry of these contracts. The lessor will have to digitize each contract within 30 days after both parties sign the contract
- 3. That “a public policy for the construction of rental housing” be established.
The head of government explained that this initiative arose after rents have risen excessively in recent years; he also clarified that, although a limit is currently established for the increase in the cost of rents, it is “double the average of the historical inflation of the last few years…inflation is growing at 5% and the cost of rented housing is rising by 10%”.
While no date was specified, it is expected that this initiative to curb excessive rent increases will arrive between today and tomorrow to the CDMX Congress.
Let’s remember that it is just an initiative. Nothing has been approved yet.