Los Angeles Property Management
Los Angeles Property Management knows that there’s tension between property rights and affordable housing, and it’s driving a lot of political debate.
Earlier this year legislation was introduced in Sacramento that would repeal the 1995 Costa-Hawkins Act.
This has drawn considerable opposition from apartment owners that are going to be affected by this ruling.
Los Angeles Property Management Look Into Political Climate Changes
Los Angeles Property Management says that Costa-Hawkins allowed landlords statewide to raise rents as high as they wish as long as a tenant voluntarily vacates or got evicted.
This act banned single family homes from getting a rent cap.
This also exempted rental housing being built after 1995 from rent control.
Costa-Hawkins enacted a ruling that eliminated tougher rent control ordinances in a lot of cities, especially in Santa Monica and West Hollywood.
Rent Control Changes
Los Angeles Property Management says that Los Angeles, has recently added some restrictions around the demolition of rent controlled units.
If property owners were to tear down rent controlled apartments and replace them with new units, in order to fall under L.A. rent control regulations, it has to be done within five years.
An exemption can be granted if 20 percent of the new units are used for affordable housing.
Up To Code
Los Angeles Property Management say that property owners need to be aware of the changes that are currently underway.
There are landlord groups in California that are working to fight other grassroots rent control proceedings.
There’s also more supporters advocating for more statewide housing development efforts.
With a housing shortage and new developments on the rise, the market has combined these issues to the forefront.
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