With respect to the price of rents, the Beverly Hills Apartment Association believes that the free market should be allowed to operate and that the natural law of supply and demand will function to keep rents at a fair and reasonable level. An unfettered market will also keep property values healthy and developers active in constructing new multifamily buildings.
Therefore, the BHAA opposes rent control in principle and the rent “stabilization” ordinance of Beverly Hills in particular. Beverly Hills has an exceptional school system, an outstanding police force and fire department, and other exemplary municipal services that are second to none in the nation. Its citizenry is highly professional and the city boasts some of the world’s most successful, high-profile people as its residents. It is an internationally famous city in which many people, perhaps millions, aspire to live. Nobody has the “right” to live in Beverly Hills. Accordingly, no tenants should be privileged to have their rent subsidized in order to reside here.
That having been said, BHAA has reached accord with the moderate rent control measures which exist in the City today. Chapter 5 regulations were enacted by the City Council on September 19, 1978, and affects only apartments that were rented at or below $600 per month at that time. Increases on such apartments are effectively limited to the Consumer Price Index. Chapter 6 regulations were enacted by the City Council on June 3, 1986, and affects all existing apartments with rents greater than $600 per month. Increases on such apartments are limited to 10% per year. In either case, the rent may be increased on an apartment only once in a 12-month period.
BHAA finds these regulations to be a tolerable situation and does not actively seek to overturn them at this time.