Rent Control Board Announces 1 Percent General Adjustment For 2013
Posted May. 4, 2013, 9:07 am
The Santa Monica Rent Control Board announced a 1 percent General Adjustment for 2013 will take effect September 1, 2013.
The announcement was made at the Board’s April 25 meeting.
Due to the passage of Measure GA by Santa Monica voters in last November’s election, this is the first year that the General Adjustment is based on 75 percent of the percentage increase in the Consumer Price Index (CPI).
Board Commissioner Todd Flora commented about the new process that Measure GA is “already showing its benefit to the public through the transparency of the process and ease of implementation, which is sure to result in savings of staff time and Agency resources.”
This and future increases are to be based on the CPI for All Urban Consumers, Los Angeles, Riverside, Orange County Region for the 12 months ending March of each year rounded to the nearest tenth decimal place.
The CPI increase for the period ended March 2013 in the region was 1.3 percent, and 75 percent of that is 0.975, or one percent after rounding.
The CPI is reported and published by the U.S. Department of Labor, Bureau of Labor Statistics.
The Board also set a public hearing for June 13 to consider whether to place a dollar amount ceiling on this year’s General Adjustment.
The hearing will be held at City Hall at the Board’s regular meeting scheduled to begin at 7 pm in Council Chambers.
All interested members of the public are invited to share their opinions about whether to set a maximum for the General Adjustment.