What does rent stabilization mean for development in MoCo?

Montgomery County Council passed Bill 15-23 in July, a rent stabilization bill that is set to be enforced in late Spring 2024. Developers and realtors are concerned this could reduce the rental housing stock and deter new multifamily development, making it difficult to meet the housing demand estimated by the Metropolitan Washington Council of Governments of 41,000 units from 2020 to 2030. Alex Vazquez from CASA, an immigrant organization, is skeptical of the development sector's concerns and believes this is an opportunity to build affordable housing and protect vulnerable renters. Data from the Department of Permitting Services shows that from Jan. 1, 2020, to