After more than two years of discussion and debate, the Los Angeles City Council voted Wednesday to significantly lower annual rent increases in most of the city’s apartments.
L.A.’s current rent control rules guarantee landlords the right to raise rents at least 3% every year. Increases can be as high as 10% in some apartments during periods of high inflation.
But under the reforms passed by 12 of the council’s 15 members, rent increases would be capped at 4% annually, and an additional 2% increase for landlords who cover utilities would be eliminated. The exact rate each year would be equal to 90% of the change in the region’s consumer price index, a government measure of economic inflation…