By JOHN T. WARD
No landlords appeared from the cold rain outside, and only two tenants showed up, one of them to discuss an unrelated matter. Four members of the eight-member board were absent.
But paltry attendance wasn’t the reason Red Bank’s Rent Leveling Board didn’t get far with its review of the borough rent ordinance, which links annual increases to the Consumer Price Index, the nation’s go-to gauge of inflation.
No one on the board knew why the law, which dates to 1978, was structured to permit rent increases of 60 percent of the CPI rise when a tenant pays for heat, and 80 percent when the landlord does.
“I’m on the board 20 years, and I’m not sure of the reason for it,” said board attorney Gene Anthony. “It has never been addressed by this board, and no landlord has ever complained about it, either.