Oakland city leaders Tuesday will hold a special meeting to discuss and possibly vote on a new proposal that would place a cap on rent increases.
Renters in Oakland recently were shocked to learn that the rate of inflation made it possible for rent to possibly balloon by as much as 6.7%. But City Council members will discuss new legislation that would permanently put a 3% cap on rent hikes.
The proposal, led by Councilmember Carroll Fife, comes after the city previously announced owners of rent-controlled properties would be allowed the 6.7% increase. Fife told NBC Bay Area she heard from constituents concerned about the domino effect of rent rising so drastically. Fife is not certain about the level of support the new measure has, but she hopes others see the heavy burden this could remove for so many in her community.
"I’m hoping that people understand that the majority of Oakland residents are renters," she said. "Sixty percent of the residents of the city rent, so I hope that there is compassion for the people that are living here and for the lives that have been turned upside down because of COVID."
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As it stands, rent increases goes into effect on July 1 each year, so if the proposed cap passes, the new policy would undo this year’s rate at the last minute.
Tuesday's special meeting is scheduled for 1:30 p.m.