Overview
- Council members approved the overhaul in a 12–2 vote, with Bob Blumenfield and John Lee opposed and Curren Price recusing as a landlord.
- The new formula pegs annual increases to 90% of CPI with a 1% floor and 4% ceiling, replacing rules that allowed 3%–8% plus up to 2% more if utilities were covered.
- Extra rent hikes tied to landlords paying for gas or electricity are eliminated, as are additional charges for tenants with dependents.
- The changes would apply to roughly 650,000 rent‑stabilized apartments built on or before Oct. 1, 1978, covering a large share of city renters.
- Lawmakers requested analyses of impacts on new housing production and directed staff to seek repair funds for small landlords, with tenant groups praising relief and landlord groups warning of maintenance strain and reduced redevelopment.