Rents on Controlled Apartments in L.A. Can Now Rise 4% Due to Inflation
As of this week, landlords of Los Angeles rent-controlled buildings can raise rent by 4%, the first time in a decade the annual cap isn’t 3%.
The larger increase reflects higher inflation levels and comes as rising rents have been blamed for crimping household budgets and driving people into homelessness. Across Los Angeles and Orange counties, nearly a third of tenants paid more than half their income on housing in 2017, according to Harvard University’s Joint Center for Housing Studies.
“It’s another economic wallop,” said Larry Gross, executive director for the Coalition for Economic Survival. “Most renters in this area are already paying unaffordable rents.”
Rent increases for residents in the city’s roughly 624,000 rent-controlled units are tied to changes in the local consumer price index — a measure of inflation the city uses to “safeguard tenants” while allowing landlords to make “just and reasonable returns.”
Read the full story on LATimes.com.