In a significant move, the Los Angeles City Council has approved a historic vote to cap rent increases for rent-stabilized apartments at 4%. This decision marks the first time in 40 years that the city has reformed its rent control laws, aiming to protect approximately 650,000 renters from excessive rent hikes. Despite the reforms receiving widespread support, small landlords have expressed concerns about being financially burdened by these new regulations. The City Council is exploring further adjustments to the Rent Stabilization Ordinance as it seeks to strengthen tenant protections while also considering the impact on landlords.