It's whatever maximum renters are willing to pay, combined with whatever minimum property owners are willing to accept and the availability of alternatives. Ap

It's whatever maximum renters are willing to pay, combined with whatever minimum property owners are willing to accept and the availability of alternatives. Applying a cost increase across the board, in a way where everyone knows it was across the board, will reset the market floor. If California (just as an example) can out and said "There will be a flat $200/month tax on all home rentals" you can be damn sure that every available property would align to +$200 over the course of a year or two.