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State rent control measures worry CRE industry

State legislators in Illinois, New York and Oregon are promoting bills that would introduce or strengthen multifamily rent controls, causing concern in the commercial real estate community. Meanwhile, commercial property developers are preparing "a pretty strong effort to fight this," said Joel Marcus, chairman of Alexandria Real Estate Equities, referring to a California campaign to partly repeal Proposition 13, which caps annual increases in tax assessments on properties under certain conditions.

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