pages: RentReviewAdvisoryCommittee/2018-08-06.pdf, 5
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RentReviewAdvisoryCommittee | 2018-08-06 | 5 | Approved Minutes August 6, 2018 especially with the school year starting. She raised the possibility of moving the effective date from September 1 to November 1. Member Friedman said he believes the rental business is a different kind of business than many other businesses, and the community should have a say in what can be charged. He said he thought a $540 increase to $2,940 was reasonable. He explained this would be 5% above the $2,800 that the tenants agreed to pay last year before that increase was rescinded. Member Murray suggested that since the tenant said she would be able to move to a unit charging $3,100 rent, an increase to $3,100 would be reasonable, and again posited whether a delay in the effective date would be appropriate. Member Griffiths suggested a stepped increase that may allow the tenants to stay longer, and bring the landlord up to a higher base rent in the long run. Vice Chair Sullivan-Cheah stated that he thought the $2,940 total rent suggested by Member Friedman was fair, while acknowledging it was a large increase. Chair Cambra said he thought Member Friedman's suggestion of a $540 increase was reasonable, proposing perhaps a $400 increase now and a $140 increase later. Motion and second to increase the rent $540 starting September 1, 2018 (Member Griffiths and Vice Chair Sullivan-Cheah). Member Murray added that she thought the landlord's position to raise the rent now was reasonable, both as supplemental retirement income and before a potential change in the law could change his rights to raise the rent later. Member Friedman noted that the Ordinance does not entitle landlords to obtain market rate rent, but to keep up with operating costs. Member Murray responded that fair rate of return was difficult to define. Vote for $540 increase effective September 1, 2018. Motion passed 3-2. 7-A. Committee will consider and vote on Chair and Vice Chair Member Griffiths nominated Member Murray to be Chair. She declined, stating she does not know the rules to operate Committee meetings well enough at this time. Motion and second to nominate Chair Cambra to remain Chair (Members Friedman and Murray). Motion passed 5-0. Vice Chair Sullivan-Cheah nominated himself to remain Vice Chair. Page 5 of 7 | RentReviewAdvisoryCommittee/2018-08-06.pdf |