The Increase Was Determined By The Consumer Price Index, Which Is Set At 75% For The 12-Month Period Ending In March.
The Santa Monica Rent Control Board announced that there will be a mandated 2.8% annual rent increase starting on September 1, in accordance with the Rent Control Charter formula.
Rent Board officials stated that the increase was determined by the Consumer Price Index, which is set at 75% for the 12-month period ending in March. Tracy Condon, the Rent Control Board Administrator, pointed out that the increase is less than half of the 6% maximum increase that was mandated by the Board last year.
Rent Board Chair Anastasia Foster emphasized that the Board has no control over the annual increase amount and that it is a mathematical formula. The Board is required to hold a public hearing on whether to set a dollar amount ceiling on the increase, with the ceiling set at $67 per month for units with a maximum allowable rent of $2,375 or more.
The public hearing will be held at the June 8 Rent Board meeting.