“The rent control board has capped rent increases $60 a month following a brief hearing last week.
Increases for rent-controlled units are subject to two caps: a percentage and a fixed dollar amount. The percentage is mandated by the city’s rent control rules and is determined by a fixed formula that yielded at 2.9 percent increase for this year. The board is not required to establish a dollar limit but can do so utilizing a separate formula that yields a $60 cap this year.
Under the City’s rules, rent-controlled tenants will pay either a 2.9 percent increase or $60, whichever is lower.”