June 9, 2017 -- Monthly residential rent charges of controlled units in Santa Monica could increase as much as 2 percent or $40, whichever is smaller, beginning in September.
The Rent Control Board voted unanimously for these figures on Thursday following a public hearing on the annual rate adjustment.
The maximum percentage increase was calculated by a voter-approved formula based on the Consumer Price Index, so the board had no authority to change that.
However, the board was able to decide whether to pass a dollar-figure cap (also calculated by a formula) or not have one at all.
The $40 maximum increase is the highest since it was $52 in 2011. Other recent maximum increases have been $25 last year, $7 in 2015, $14 in 2014, $17 in 2013 and $26 in 2012.
Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2017/June-2017/06_09_2017_Santa_Monica_Board_Sets_Maximum_40_Monthly_Rent_Increase.html
