OAKLAND (KRON) – The Oakland City Council voted to limit rent hikes to 3% yesterday.
The legislation is intended to provide owners a fair return while protecting renters from large rent increases. Some 60% of Oakland residents are tenants.
Last month, Oakland City Council members said landlords of rent-controlled properties could raise rent by 6.7%. It would have been the largest increase in the allowable increase in decades, but District 3 Councilmember Carroll Fife moved quickly to prevent it from happening.
Last night, her proposal to cap rent hikes at 3% was approved.
Fife says the original rent increase would’ve been a big burden on renters, especially with gas at almost $7 a gallon and the cost of food and other expenses skyrocketing.
Not to mention that some renters are already recovering from the financial effects of COVID-19.
At least 50 people came out to last night’s meeting expressing how the dramatic increase would impact their lives.
Councilmembers heard their pleas.
Six out of the eight council members voted on Fife’s proposal to lower the rent increase to 3%. Fife’s legislation will go into law June 7.