SANTA BARBARA, Calif. (KEYT) - After a lengthy review of the first draft of the rent stabilization plan over the last six to nine months, now a more specific document will be reviewed at Tuesday's Santa Barbara City Council meeting.
The framework calls for annual rent increases that would be based on a formula and cap at three percent or lower.
There would also be a rental registry that tracks tenancy and rent increases for enforcement.
It could affect about 13,000 units in the city built before 1995 with some exemptions.
The program would come with cost to the city estimated at about $2 million dollars at a time when the city is facing financial challenges.
The proposal came out of an imbalance that saw rents shoot up but not at the same level as wage increases, and in some cases, pricing some tenants out of the area.
The City Council can move the plan forward and call for a 30 day public review.
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Santa Barbara’s Rent Stabilization Plan Up for Review, Possible Public Comment Period News Channel 3-12.
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