It's an unprecedented move, but developer Champion Real Estate hopes to be "part of the solution" for pricey Los Angeles.

The developers of a 20-story apartment tower planned for near Capitol Records in Hollywood announced today that they would voluntarily make all of their units rent-controlled.

Subjecting the approximately 210 new apartments to the city’s rent control stabilization ordinance will cap rent increases at 3 percent per year. The ordinance applies to housing built prior to 1978—not new projects—so the decision is almost totally unheard of.

Office of Planning and Research
Office of Planning and Research

“We want to be a part of the solution in ensuring future affordability for existing tenants in the Los Angeles housing market,” Bob Champion, CEO of Champion Real Estate, said in a statement.