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The CSFRA provides for an Annual General Adjustment (“AGA”) of Rent for existing tenancies based on the percentage increase in the Consumer Price Index (for All Urban Consumers, SF-Oakland-San Jose Region (“CPI”)). The Committee is required to announce the AGA no later than June 30 each year. Per the CSFRA, the AGA shall be equal to 100percent of the percentage increase in the CPI for the 12-month period ending as of March of the current year.
Under the CSFRA, the first AGA must be announced by June 30, 2017 for 2017.However, the base rent rolls back to rent in effect on October 19, 2015or the initial rental rate for later tenancies. The CSFRA requires the Committee to make its first announcement of an AGA no later than June 30, 2017 and further provides the first rent increase shall not take effect prior to September 1, 2017. However, the CSFRA does not expressly addressthis initial AGA should alsocover the period from October 19, 2015 (base rent) to February 2016.
The Rental Housing Committee (RHC)has the power and the duty to “set rents at fair and equitable levels to achieve the purpose of” the CSFRA. The RHC may wish to consider whether to includeAGA for this time periodwithin the first.
There is no fiscal impact to the RHC budget associated with this item.
Staff seeks direction from the RHCwhether to prepare an agenda item for the RHC to consideradopting a General Rent Adjustment for 2016.
Last updated on 7/1/2017