LOS ANGELES — The Los Angeles City Council Friday gave final approval on a proposal updating the Rent Stabilization Ordinance, capping annual rent increases between 1% and 4%, and removing additional charges for utilities.
In a 12-2 vote, council members approved, for a second time, changes to the RSO, authorizing the first major overhaul to regulations governing rent control for apartments built on or before Oct. 1, 1978, in more than four decades. The updates will establish a new formula to set annual allowable increases for roughly 650,000 rental units, calculating 90% of the Consumer Price Index.
The changes will establish a 1% floor and a 4% ceiling, and remove additional charges for electricity and gas…