Rent control in California

[Donald Candella]

A law was past which allows a maximum of a 5% per year increase in rent. My question is, if you have just bought a multi family building (in this case a duplex) which is being rented at under market. How do you handle the under market rents? Are you restricted at raising the rent 5% a year until you reach market? Can you raise the rent every 3 months until you reach market? Or do you hit the tenants with a $300.00 increase the first month you own the property (bad idea if you ask me)?