By Mikayla Schwartz
Los Angeles housing officials recently released a report recommending a variety of proposed changes to support rent control. Some of these proposals include reducing the “maximum rent increase from 8% to 5%” and “removing a provision” that allows landlords to increase rent if they cover utilities (LAIST). Officials also proposed following the Consumer Price Index without the factor of housing as it correlates highly with inflation rates.
The rent increase rate for the city is decided by the inflation rate of the area. In Los Angeles, rent increases are between “ 4- 6%”. With the proposals, it could be reduced to 2% next year. This rent cap would only apply to buildings built before 1978 and would cover around “75% of city apartments” (LAIST). In unincorporated parts of Los Angeles County, the Los Angeles Board of Supervisors voted to reduce rent increases to 3% for rent controlled apartments.
Those against the proposals say it may hinder smaller apartment landlords and lead them to sell their properties. All proposals by the housing officials will need to be approved through the Los Angeles City Council before they can be implemented. For more information, please visit LAIST.
References:
Wagner, D. (2024, November 8). LA could cap rent hikes next year to 2% under new city rent control recommendations.LAist. https://laist.com/news/housing-homelessness/los-angeles-rent-control-increases-limits-stabilization-ordinance-economic-roundtable-housing-department-report-tenant-landlord