For the first time in over 3 years property owners will be able to raise rents after city council decision. Ted Chen reports for the NBC4 News on Nov. 5, 2023.
Los Angeles City Council adopted an ordinance limiting rent increases on rent-stabilized units. Renters can expect at least a 4% increase in their rents beginning in February and up to 6% if the landlord pays for gas and utilities.
Council members voted 10-2 in a second consideration of the ordinance. Mayor Karen Bass must sign and approve the ordinance before it can be enacted.
This is the first time in more than three years that Los Angeles property owners will be able to raise rents.
Some small property owners, like Mike Werner, say this increase isn't nearly enough.
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"They keep forgetting there have been no increases for three years," said Werner.
Werner says that the freeze on rent increases has prevented owners from keeping up with skyrocketing costs, where he and fellow owners are unable to even sell their buildings.
The property owner says this means the properties may be sold as lots, thereby diminishing the city’s supply of the housing it so desperately needs.
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Property owners were hoping the city council today would pass at least a 7% increase.
Council member Hugo Soto-Martinez wanted no increases and was hoping to extend the moratorium into next year.
"We know that folks have not fully recovered from the horrible pandemic. Just in our district alone, we had over 7,000 eviction filings since the month of February," said Soto-Martinez. "We should try to figure out how we support the mom and pop landlords but unfortunately the corporate landlord lobby is really running a lot of the narrative."
