HB733 - Virginia Residential Landlord and Tenant Act; units occupied by elderly tenants.

1 Co-Sponsor

Virginia Residential Landlord and Tenant Act; units occupied by elderly tenants; rent stabilization allowance. Allows any locality to adopt rent stabilization provisions to prohibit any landlord, defined in the bill, from increasing the rent on any unit in which an elderly tenant, defined in the bill, resides by an amount that exceeds such locality's rent stabilization allowance. The bill defines "rent stabilization allowance" as the percentage increase in the Consumer Price Index, for the region in which the locality sits, from March in the preceding year to March in the current year, plus two percent. Finally, the bill requires any rent stabilization ordinance to include a procedure by which a landlord may apply for an exemption if the net operating income generated by the rental dwelling unit has not been maintained due to escalating operating expenses or for other appropriate reasons as established by the locality.