A couple of months ago we got to thinking about how Beverly Hills calculates the maximum allowable annual rent increase for Chapter 5 tenants. It kept increases very low for many years; some years it dipped below 1%. Then in a reviving economy it jumped to 1.7% and now will double again to 3.3% for August. What’s going on with the Chapter 5 increase?
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Thirty-nine years ago today, on March 27, 1979, the City of Beverly Hills enacted a “temporary system of stabilization and control of apartment rent levels.” The introduction of Chapter 5 Rent Stabilization that year was an effort to draw a line under excessive rent increases and turnover in rental housing. Then and now the cost of rental housing was moving beyond reach of residents and threatening the stability of households that rent. Chapter 5 delivered for tenants.
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