Landlords of rent-controlled properties in the City of Los Angeles can raise rents 4% as of Feb. 1 and as high as 6% if they cover tenants’ gas and electricity costs.
Over the past five years, there has been an 82% increase in the number of renters who earn $150,000 or more. The number of households with incomes over $1 million has tripled over the same time period.
The researchers predict triple-digit increases in communities like Rancho Cucamonga, Oxnard, and North City where vacancy rates are extremely low.
The city has seen a nearly 39% increase in rents since 2017.
San Diegans hit by financial difficulties due to COVID-19 will likely have until the end of the year to make up missed rent payments.
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