At tonight’s work session, the Council will discuss a draft ordinance prepared by the City Attorney to continue the rent stabilization program for an additional five years.
Unless renewed, the program will expire on September 1.
In addition to the extension of time, the new draft ordinance makes a number of changes to the current program based on comments from the Rent Stabilization Board:
- It updates the Ordinance to require that rental rates that existed before the rent stabilization program began in 2005 may only be applied if the property has been a rental continuously since then, requires registration of the property within 60 days of it becoming a rental,
- increases the rent cap from 0.6% of the assessed value of a property to 0.8% of the assessed value for single-family dwelling units,
- makes some minor procedural changes to the procedure for requesting an upward adjustment of the rent cap, and
- eliminates certain enumerated factors listed in determining whether to allow an upward adjustment of the rent cap, allowing the Rent Stabilization Board to consider any relevant factors..
There will still be a public hearing on the rent stabilization program on a date yet to be determined, and the Council will vote on the ordinance at the official meeting on July 10, 2012.