The Los Angeles City Council’s housing and homelessness committee passed an amended motion Wednesday to lower rent increases from 7% to 4%.
- Councilmember Hugo Soto-Martinez originally suggested a six-month extension of a pandemic-era ban on rent increases which would have pushed the effective date of allowable rent increases for RSO properties from February 1, 2024 to August 1, 2024.
- Soto-Martinez’s motion called for a continued pause on rent increases for units covered by the 1979 Rent Stabilization Ordinance, which limits the allowable rent increase for units built on or before Oct. 1, 1978. Under the ordinance, rent increases are tied to the Consumer Price Index – a measure of inflation – and have historically been in the 3-4% range with a cap at 8%.
- Instead, the committee passed an amended motion for lower rent increases from 7% to 4%, rather than delaying or completely banning increases. If passed by the entire city council, the amended motion would go into effect in February 2024.