THURSDAY, JULY 5, 1990
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PERCENTAGE THE ORDINANCE EFFECTIVE FROM
THE RESOLUTION ALSO PROPOSES TO RAISE THE MINIMUM COMPONENT IN THE RENT INCREASE MECHANISM IN PART II OF FROM 65 TO 70 PER CENT OF THE PREVAILING MARKET RENT, DECEMBER 19 THIS YEAR.
EXPLAINED THAT WORKING OF THE HAVING REGARD ΤΟ
IN ANNOUNCING THESE PROPOSALS, THE SPOKESMAN THEY WERE DRAWN UP FOLLOWING ANOTHER REVIEW OF THE ORDINANCE, AN ASSESSMENT OF MARKET CONDITIONS AND THE INTERESTS OF BOTH LANDLORDS AND TENANTS.
GOVERNMENT'S CAUSING
THESE MEASURES WERE ALSO IN KEEPING WITH PREVIOUSLY STATED INTENTION TO PHASE OUT RENT CONTROL WITHOUT ADVERSE SOCIAL CONSEQUENCES, HE ADDED.
TO BE
FOLLOWING THE ESTABLISHED POLICY OF ALLOWING IN THE PERMITTED RENT OF PRE-WAR DOMESTIC PREMISES, THE FACTOR
ANNUAL INCREASE APPLIED TO THE "STANDARD RENT" (THAT IS, RENT AS AT DECEMBER 25, 1941) TO ARRIVE AT THE PERMITTED RENT WILL BE CHANGED FROM 43 TO 48.
THE PROPOSED INCREASE WILL AFFECT SOME 1,200 UNITS EFFECTIVELY CONTROLLED UNDER PART I OF THE ORDINANCE.
PRE-WAR DOMESTIC
IN AN
AVERAGE THE CURRENT PER CENT
RAISING THE FACTOR FROM 43 TO 48 WOULD RESULT INCREASE OF ABOUT 12 PER CENT OR $180 PER MONTH OVER PERMITTED RENT, AND WOULD BRING SUCH RENTS TO ABOUT 76 THE PREVAILING MARKET LEVEL.
OF
IF APPROVED, THIS PROPOSAL WOULD TAKE EFFECT THIS YEAR.
FROM NOVEMBER 1
THIS YEAR, MECHANISM IN
ALSO IN LINE WITH GOVERNMENT'S POLICY OF PROGRESSIVE DECONTROL, IT IS PROPOSED TO INCREASE, WITH EFFECT FROM DECEMBER 19 THE MINIMUM PERCENTAGE COMPONENT IN THE RENT INCREASE PART II OF THE ORDINANCE FROM 65 TO 70 PER CENT OF MARKET RENT.
THE PREVAILING
TENANCIES
WILL AFFECTED BY THE AVERAGE
ASSUMING THAT MARKET RENTS REMAIN RELATIVELY STABLE, THIS HAVE A NET EFFECT OF INCREASING THE NUMBER OF THE MINIMUM PERCENTAGE COMPONENT BY 2,260 AND INCREASING CONTROLLED RENTS BY AN ADDITIONAL $129 PER MONTH.
MEMBERS OF THE PUBLIC WHO WISH то OBTAIN REGARDING THESE PROPOSED CHANGES CAN APPROACH VALUATION DEPARTMENT AND THE DISTRICT OFFICES.
MORE
INFORMATION
THE
RATING
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