Santa Barbara’s rent stabilization plan is set to be reviewed at the city council meeting, with a proposed framework that includes annual rent increases based on a formula and capped at three percent or lower.

Rental Registry and Enforcement

A rental registry would track tenancy and rent increases for enforcement purposes, affecting around 13,000 units in the city built before 1995, with some exemptions. The program is estimated to cost the city around $2 million, which could be a challenge given the city’s current financial situation.

The proposal aims to address the imbalance between rent increases and wage growth, which has led to some tenants being priced out of the area. The city council can move the plan forward and call for a 30-day public review period.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.