Santa Monica Rent Control Board chair Christopher Walton announced at the board’s May 14 meeting that the 2015 annual general adjustment percentage will be 0.4 percent, based on the application of the formula set forth in the City Charter.
Following the passage of Measure GA by Santa Monica voters’ in the 2012 election, the annual increase is now 75 percent of the percentage increase in the Consumer Price Index for the Los Angeles region, rounded to the nearest tenth decimal place.
Also as required by the Charter, the Board scheduled a public hearing to consider imposing a dollar-amount ceiling on the general adjustment.
After hearing from the public at the June 11 meeting, the Rent Control Board voted to impose a ceiling on the 2015 general adjustment. The calculation of the ceiling is also based on the application of a formula set forth in the City Charter, which results in a ceiling for 2015 of $7.
The general adjustment may be implemented on eligible controlled units as of September 1, 2015.
Video of all Rent Control Board meetings can be viewed on the Rent Control website at www.smgov.net/rentcontrol.