The Venezuelan National Assembly passed a law Oct. 27 expanding rent control and giving renters an option to buy homes if they have lived in them 20 or more years. Government officials have said that the law, passed by supporters of Hugo Chávez, will benefit an estimated 750,000 families of renters. The government, which maintains price controls on beef, sugar, milk and other food staples, had also previously implemented a freeze on rents. It is now expected to begin regulating how much rent landowners can charge.
Chávez told the state television that the new measures are being implemented “for the benefit of the majority.” Landlords will be required to register their homes, and those who violate the law may be fined up to $7,000.
Chávez’s efforts have met constant resistance by the country’s wealthy elites, so it was little surprise that Aquiles Martini, president of Venezuela’s real estate chamber, condemned the new measures, saying they represent “the death of renting” and will undermine private property rights.
