SANTA MONICA RENT CONTROL BOARD
1685 Main Street, Room 202, Santa Monica, CA 90401
• [email protected]
• (310) 458-8751
August 1, 2022
Mayor Himmelrich and Members of the City Council
1685 Main Street
Room 209
Santa Monica, CA 90401
Re: Proposed ballot measure to amend the Rent Control Charter Amendment to address the impact of the 2022 general adjustment and future general adjustments Dear Mayor and Councilmembers,
The Rent Control Board greatly appreciates that the City Council is looking for solutions to blunt the impact of the historically high 2022 general adjustment and to prevent a similar situation in the future.
At a special meeting on July 28th, the Rent Control Board considered the two proposals that the City Council discussed on July 26th to address the impact of the unusually high 2022 annual general adjustment. The staff report analyzing the two proposals is attached.
After hearing from members of the public and discussing the proposals, the Board voted unanimously to support the proposal that would lower the 2022 general adjustment from 6% to 0% for the period from March 1, 2023 through August 31, 2023, making the total 2022 general adjustment for the year a net 3%, with a maximum monthly increase of $70. The Board also supports adjusting the maximum general adjustment going forward to 3% and views this as a reasonable compromise that reflects the downward trend of the number of units whose rents have not been set at market rate at least once.
This proposal is in line with the Board’s goals of preventing displacement of tenants due to historically high interest rates while ensuring landlords receive a fair and reasonable return.
If there is anything that Ms. Regan or I can do to assist the Council in your consideration of this issue on August 3rd, please let me know.
Sincerely,
Tracy Condon
Tracy Condon
Executive Director
Santa Monica Rent Control Board
cc: Santa Monica Rent Control Board
Alison Regan, General Counsel