Inflation is hitting everyone, but while housing regulators look to ease the burden on landlords, at least one Oakland City Councilmember is looking out for renters.
Following the announcement from city housing regulators that landlords could increase rents by 6.7 percent due to inflation, Councilmember Carroll Fife is hoping to limit said limiting price increases on rent-controlled apartments.
According to the S.F. Chronicle, the 6.7 percent allowance is set to go into effect on July 1. Assuming the city council doesn’t move otherwise, it will be the largest one-year jump on record. It will also be more than triple last year’s local 1.9 percent rent hike.
Fife’s proposal would change Oakland’s rent increase formula to limit rent hikes to 3 percent max annually or factor in just 60 percent of change in the Consumer Price Index; whichever is lower. The measure will go before the council in late May.