On July 6, the Beverly Hills Rent Stabilization Commission grappled with whether to recommend changes to the maximum allowable rent increase allowed under the city’s Rent Stabilization Ordinance. Citing the historic levels of inflation, commissioners agreed to recommend that the City Council place an 8% cap on rent increases. The meeting represented the city’s ongoing efforts to equitably address the rising cost of living while allowing property owners to realize a profit on their investments.
“We are in different times in 2022,” said Commissioner Lou Milkowski. “The CPI, the inflation is not where they’ve been two, three, four, five, six years ago. As a result, the economics of living have changed. And my concern is these economics may be at this inflated rate for two, three or four years.”
