This is great news for PDX. If you want to live the "rent control dream", relocate to Santa Monica, or SF. It is actually a nightmare. It is unbelievable that people can't get this through their heads.
"We still just don't have anything that really talks about what modern rent stabilization looks like."

That's because it looks exactly like the rent stabilization that has caused obvious problems in every other place it's been tried, i.e., SF, LA, NYC, Santa Monica (highest rents in LA, and has had stricter rent control for longer than LA generally).

Thank god the state legislature has a modicum of sense, although I would argue that annual rent increase caps are more palatable than this crap about no-cause evictions, which are an essential tool for landlords to deal with problem tenants who make life miserable not just for the landlords but also all of the neighbors, towards whom any good landlord feels some sense of civic and neighborhood responsibility.

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