Residents Can Share Feedback at the Aug. 14 Rent Stabilization Commission Meeting
WeHo residents will have an opportunity next week to weigh in on how West Hollywood calculates interest on security deposits for tenants in rent-stabilized units.
The topic is on the agenda for the city’s Rent Stabilization Commission meeting on Aug. 14 at 7 p.m. in the Council Chambers/Public Meeting Room, 625 N. San Vicente Blvd. Public comment will be accepted in person, via Zoom, or in writing until noon the same day at RSDPublicComment@weho.org.
Under city law, tenants in rent-stabilized apartments are entitled to annual interest on security deposits, including last month’s rent, key deposits, cleaning deposits, or any other funds held by a landlord, regardless of the label used. Landlords must pay the interest each January for the preceding calendar year.
The current calculation method, set by the Rent Stabilization Ordinance and Regulations, averages interest rates from savings accounts at five online FDIC-insured banks, rounding to the nearest one-tenth of a percent.
City officials say the meeting will allow community members to share feedback on whether that methodology should be updated or remain the same.
