The Los Angeles City Council voted yesterday to lower the allowable rent increases on some 650,000 rent-stabilized units in the city.
The new formula endorsed by the city council will allow landlords to raise rents by 90 percent of the consumer price index (CPI), a common measure of inflation, with a maximum allowable rent increase of 4 percent. Landlords are guaranteed a floor of 1 percent annual increase under the new rules.
