NBC: Oakland Landlords to Be Able to Raise Rent Up 6.7%, Highest Jump in City's History
One of the largest cities in the Bay Area is facing a sharp rent increase and some local leaders are fighting back, saying the timing is terrible.
But property owners say the price hike is necessary because they, too, are facing rising costs.
Oakland housing regulators say starting in July, landlords will be able to raise rents by up to 6.7% -- the highest one-year jump in the city's history.
"We are going backwards, the wealth gap between rich and poor is growing," said Councilmember Carroll Fife.
