Los Angeles to double down on rent control folly

This month, the Los Angeles City Council decided the city’s longstanding rent control policy needed changes.

No, they didn’t do the smart thing and decide to eliminate rent control. Instead, they proposed updates that will only make a bad policy worse.

While property owners subject to the city’s Rent Stabilization Ordinance are allowed to raise rents 3% annually or higher depending on inflation, the new policy sets tighter caps on rents.

As reported by LAist, under the plan approved by 12 of the 15 councilmembers “rent increases would be capped at 4% annually, and an additional 2% increase for landlords who cover utilities would be eliminated.”

“Extraordinary rent increases are driving people out of the city,” said democratic socialist Councilmember Nithya Raman to justify the action.