NEWS ALERT: Beverly Hills City Council Approves Return to Existing Rent Increase Formula
At its June 27th City Council meeting, the Beverly Hills City Council unanimously approved a return to the existing calculation for determining allowable rent increases utilizing the Consumer Price Index (CPI) data for both Chapter 5 and Chapter 6 rental units under the existing Rent Stabilization Ordinance (RSO). This equates to an increase of 5.94% for Chapter 5 and 3.20% for Chapter 6 units for the period of July 1, 2023, through June 30, 2024. Owners must provide a 30-day notice to the renter prior to any increase taking effect.
AAGLA had advocated for both a return to the existing calculation as well as a one-time special increase to help make up for the lost rental increases resulting from the City instituted 3-year freeze and the lost back rent resulting from COVID-19 moratoriums. Unfortunately, the City Council refused to adopt a special one-time increase showing an ongoing disregard for the financial struggles of independent, “mom-and-pop” rental housing providers.
AAGLA will continue to advocate for our members’ interests and provide relevant updates.
PLEASE! Support Us! Give Today…
If you want to STOP harmful regulations like these from proliferating throughout Southern California in the future, give us the resources we need to support candidates that will bring a fair and balanced approach to policy making. Make a contribution to the Apartment Association of Greater Los Angeles’ Political Action Committee TODAY! Make your contribution at: https://aagla.org/candidatespac/.
This article is for informational purposes only. If you have any questions regarding your property or specific tenancies and the requirements of any local law changes described herein, please consult with an attorney.