The city's rent control law needs to do more to prevent price shocks for tenants during periods of high inflation while ensuring landlords can recoup costs.
The Los Angeles City Council is considering changing the way it sets annual allowable increases for rent-controlled properties for the first time in nearly 40 years. That's good. The law needs to do more to prevent price shocks for tenants during periods of high inflation while ensuring landlords can recoup the costs of managing their properties. About 650,000 units in the city were built before Oct. 1, 1978, and are regulated by the rent-stabilization ordinance. That’s nearly 75% of L.A.
With the 3% guaranteed minimum allowable rent increase, however, the rent would be $1,705, according to an analysis done by Keep LA Housed, a coalition of tenant advocates. That’s still lower than current market rent of about $2,000 a month. L.A. allows annual increases of as much as 8% based on inflation, which is higher than most of the other cities that have rent control. The city also allows landlords to charge an additional 1% if they cover gas and the same if they pay for electricity.
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