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City Council adopts update to Rent Stabilization Ordinance after hours of debate
Summary
After hours of public comment and multiple floor amendments, the Los Angeles City Council voted to update the Rent Stabilization Ordinance (item 47), changing the CPI formula and adopting new floors, ceilings and a rent-banking mechanism intended to smooth future increases. The final motion passed as amended by a 12-2 vote.
The Los Angeles City Council on Nov. 12 adopted a package of changes to the city—s Rent Stabilization Ordinance (RSO) after an extended public-comment period and several roll-call amendments.
Councilmember Raman, chair of the Housing and Homelessness Committee, urged the change on behalf of renters, saying the 40-year-old formula is outdated: "Only greater supply will sustainably reduce costs for all renters in LA, but I also believe that our rent stabilization formula is overdue for a change." The Housing Department—s Anna Ortega told the council the department—s recommendations shift from an all-items CPI to an all-items-less-shelter index, lower the ceiling and floor, and introduce "rent banking," a…
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