4.52.095 Rent stabilization.
For the duration of any exemption authorized under this chapter, any rent increase for any existing tenant remaining in the same affordable unit, or in a similar type of affordable unit (e.g., very small dwelling unit, studio, one-bedroom, two-bedroom, etc.) within the same project, shall not exceed three percent in any given year as described herein:
A. When the King County median income increases by more than three percent in a given year, the project shall be permitted to increase affordable rents up to three percent that year.
B. When King County median incomes increase by three percent or less in a given year, the project shall be permitted to increase affordable rents by (1) the amount of the corresponding increase in median income; or (2) three percent, to allow the project’s affordable rents to begin to catch up with King County median income calculations after having been capped due to conditions set forth in subsection A of this section. Under no circumstance may affordable rents exceed the current King County median income calculation.
The provisions of this subsection shall not apply to new tenants that move into affordable units, or existing tenants who move into a different type of affordable unit. In such an event, the rent and income qualifications shall be calculated based on the current, applicable King County median income at the time a lease agreement is executed. (Ord. 6582 § 14, 2021.)