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This law was passed at a time when retail tenants were raising prices to offset fast-rising rents. By capping retail and office rents, the government had hoped to relieve pressure on these companies and allow them to lower their prices. Instead, the law created confusion and led to a backlog of legal disputes involving tenants who sought to renegotiate lease contracts with their landlord. Its revocation has restored rents to previous levels.
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Friday, September 12, 2014