Santa Monica to consider a measure to cap rent hikes
Santa Monica, by all measures, is a high-rent district but voters could get the opportunity to keep those prices in check if the City Council approves a measure designed to cap rent increases.
Councilmembers on Tuesday will consider a ballot measure that would cap rent-controlled apartment rent increases at $288 per unit annually, up from last year’s $175, according to the Santa Monica Daily Press.
The $288 rate would reportedly be a maximum increase; the Rent Control Board could decide on the any price below that on an annual basis.
Last year, the board enacted a first by requiring landlords to pay a portion of the fee hike. That portion was a mere $19, but if the measure passes, landlords would be required to pick up at least half of the tab on any rent increase, the Daily Press reports.