Chapter 19.03 — BELOW-MARKET RATE UNIT RENT CONTROL

This Chapter shall apply to housing restricted by deed, regulatory restriction contained in an agreement with a government agency, or other recorded document as affordable housing.

(Ord. No. 2319, § 1(Exh. A), 9-3-2024)

An owner of residential real property shall not, over the course of any twelve-month period, increase the gross rental rate for a below-market rate dwelling or a below-market rate unit more than five percent plus the percentage change in the cost of living, or ten percent, whichever is lower, of the lowest gross rental rate charged for that dwelling or unit at any time during the twelve months prior to the effective date of the increase. In determining the lowest gross rental amount, any rent discounts, incentives, concessions, or credits offered by the owner of such unit of residential real property and accepted by the tenant shall be excluded. The gross per-month rental rate and any owner-offered discounts, incentives, concessions, or credits shall be separately listed and identified in the lease or rental agreement or any amendments to an existing lease or rental agreement.

(Ord. No. 2319, § 1(Exh. A), 9-3-2024)

If the same tenant remains in occupancy of a unit of residential real property over any twelve-month period, the gross rental rate for the unit of residential real property shall not be increased in more than two increments over that twelve-month period.

(Ord. No. 2319, § 1(Exh. A), 9-3-2024)

For a new tenancy in which no tenant from the prior tenancy remains in lawful possession of the residential real property, the owner may establish the initial rental rate without regard to this Chapter 19.03 (Below- Market Rate Rent Control).

(Ord. No. 2319, § 1(Exh. A), 9-3-2024)

Provisions of this section shall be incorporated into any deed, agreement with a government agency, or other recorded document serving to restrict housing as affordable housing after the effective date of the Ordinance establishing this Chapter.

(Ord. No. 2319, § 1(Exh. A), 9-3-2024)