Santa Monica : 2% Rent Increase Approved
In a move that stunned and angered landlords, officials have voted to allow the smallest rent increase in the city’s 10-year history of rent control.
The Rent Control Board last week authorized a 2% increase in rents. Originally, the board was considering a 3.5% increase until a mathematical error was discovered in the formula used to calculate the increase, board Chairwoman Susan Packer-Davis said.
Packer-Davis said a 2% raise, which would go into effect in September, was fair because it took into account what she said were excessive increases in past years.
But landlord organizations, calling the action ridiculous, said they will fight for a larger increase. They have petitioned the board for a re-hearing and said they will take the matter to court if necessary.
Until now, annual rent increases voted by the board have averaged 4.5%. The average rent in Santa Monica is $480.
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