Is Santa Monica-style rent control coming back? Depends on whom you ask

The Real Deal Los Angeles — Affordable housing advocates in Los Angeles said they have enough signatures for a ballot referendum in hopes of overturning state-level rent control restrictions. The news came on Monday during a press conference in front of City Hall, joined by Mayor Eric Garcetti and Councilmember Mike Bonin. The group needs 565,000 signatures to put the question on a future ballot, and said they had over 588,000, according to the Los Angeles Times.

The repeal effort is officially called the Affordable Housing Act. It would remove from law the Costa-Hawkins Rental Control Housing Act of 1995, which limits local rent control laws. Costa-Hawkins bars rent control on any building built after the year it was passed, on any single-family homes, and on any condominiums. It also limits rent control to buildings constructed before local laws took effect.

In L.A.’s case, that means the city can only limit rent increases in buildings built before October of 1978, an increasingly small proportion of the total properties. Repeal advocates say eliminating Costa-Hawkins would help protect affordable housing in an increasingly expensive city.

Costa-Hawkins supporters, meanwhile, say that repealing it would make development less profitable and delay the construction of new housing units, driving up prices on existing housing.

Read full article here.

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By: Louie the Bulldog
Posted: 4 months, 27 days ago
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