House Bill 721, sponsored by Del. Nadarius Clark, D-Suffolk, would empower local governments to pass an ordinance that would limit the amount landlords could increase rents to no more than the percentage increase in the Consumer Price Index — the basic measure of inflation — or 7%, whichever is less.
The bill says landlords could not seek more than one rent increase a year.
It also says landlords would have to give tenants at least two months’ written notice of a rent increase.
Read the full story in the Richmond Times-Dispatch.
