August brings with it another iteration of California’s misguided attempt to control prices through its so-called “Tenant Protection Act.” This ill-conceived legislation limits landlords’ ability to adjust rents based on market conditions, stifling innovation and progress in the process.
For many unsuspecting renters across LA County, they’ll receive a nasty surprise come September – a 30-day eviction notice accompanied by a hefty rent hike courtesy of their benevolent overlords… err, I mean, landlords. Meanwhile, others might’ve received advance warning as early as July. But don’t worry, Big Brother Sacramento claims to have our backs! They’re limiting the damage to only an 8.9% yearly increase, up from last year’s 8.8%! Yikes.
Let me break it down for you:
- As per the wise sages in Sacramento, each year, we get treated to a magical formula where the allowed rent increase equals 5%, plus whatever arbitrary number the bureaucrats conjure up using something called the ‘consumer price index’. Voilà! Instant economic wisdom!
- According to the all-knowing US Bureau of Labor Statistics, the CPI for the LA area clocked in at 3.9% back in April. Add that mystical 5% buffer, et voila – we arrive at this year’s sacred ceiling of 8.9%.
- And remember, kids, thanks to the omniscient lawmakers, the grand total of rent hikes shall never exceed 10%! Phew, close call!
Now, who gets protected? Well, pretty much everyone renting anything older than 15 years old gets shielded from those evil profit-driven landlords trying to recoup costs. Cities like LA even have their very own special brand of bureaucratic red tape masquerading as rent stabilization ordinances’, because why stop at just one layer of government intervention?
In case you were wondering which specific types of dwellings fall prey to these well-intentioned but ultimately counterproductive measures, fear not! Apartments, condos, townhomes, duplexes, Accessory Dwelling Units (ADUs), and good ol’ fashioned standalone homes sharing lots qualify too!
Curious whether your humble abode falls victim to these regulatory machinations? Just punch in your address online and let the magic happen! If you reside outside LA proper, give your friendly neighborhood City Hall a holler to see if they’ve concocted similar harebrained schemes locally.
And hey, should you require additional hand-holding navigating these Byzantine rules, Stay Housed LA—a self-proclaimed coalition of do-gooder lawyers—has got your back!
