Bradley Signs Rent Control Law

Los Angeles Mayor Tom Bradley today signed into law a new rent control ordinance that will take effect July 1 and will tie the rate of maximum allowable rental increases to the Consumer Price Index.

With the CPI at about 4%, the new law will provide relief for at least one year to renters who faced 7% maximum increases under the city’s old law. Besides pegging raises to the CPI, the new law will prevent landlords from raising rents by more than 8%, no matter how high the CPI goes. But if the CPI falls below 3%, landlords will be able to raise rents by as much as 3%.