Santa Monica : 4.5% Rent Increase Backed
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The staff of the Rent Control Board is recommending a 4.5% annual rent increase or a minimum of $23 for 1991-92.
The recommendation will be presented to the five-member board tonight and decided at a public hearing June 13.
The staff is also recommending that landlords who pay for electricity be allowed an additional 2% increase or a minimum of $7, or an additional 3% or $11 minimum for owners who pay for both electricity and gas for tenants.
The annual rent increase is determined by a formula based on inflation and increases in utility and operating costs, according to Mary Ann Yurkonis, rent board administrator.
Last year, the board approved a 6% rent increase and introduced for the first time a minimum dollar increase of $25 for landlords with very low monthly rents.
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