LOS ANGELES (CNS) -- The Los Angeles City Council on Wednesday is expected to consider a proposal that aims to overhaul the Rent Stabilization Ordinance with a new formula that would set allowable increases for roughly 650,000 units at 3% and remove additional charges for electricity and gas -- the most substantive changes to the policy in more than four decades.

The ordinance, also known as RSO, regulates rents for apartments built on or before Oct. 1, 1978. City officials have recently discussed potential changes to the policy that they say could assist renters who spend a significant amount of their income on rent while balancing the needs of housing providers amid escalating costs.

The council will consider an option endorsed by the five-member Housing and Homelessness Committee in

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