Rental property owners in San Jose would face a more stringent cap on annual rent increases under draft recommendations released by the city’s housing department.
Housing officials Tuesday recommended moving from the current 8 percent limit on annual rent increases to a model based on the rate of inflation.
Under the Housing Department’s recommendations, the annual allowable rent increase would be 100 percent of the consumer price index with a floor of 2 percent and a ceiling of 8 percent.
“City staff is proposing the most punitive form of rent control possible … that will only make the (housing) problem worse,” Joshua Howard, CAA’s senior vice president for local government affairs, said in this Silicon Valley Business Journal article.
The release of the draft recommendations does not mean the city’s rent control law has changed, but it does commence a crucial 30-day comment period for the community to offer input and feedback on the Housing Department’s proposals.
Click here to learn more about the proposed changes and for ways you can help protect your property rights.