Raise Rent on Rent Controlled Property

[Todd Blazey]

Looking for some advice on a small complex in Los Angeles. 

Current rent is listed far below market value. I have been calling around other rent controlled properties in the area who are renting at 35 % higher, even though they are rent controlled. 

My question is.. if the previous owner did not raise the rent annually could we, as new owners, raise the rent amount the previous owners did not? 

Second question is, as new owners when could we start the rental increase?