The Facts on California's New Statewide Rent Control | Assembly Bill 1482
- The law would be in effect from January 1, 2020, until 2030
- It will apply to cities that don’t already have rent control laws and expand rent control in those that do
- Landlords are prohibited from hiking rents more than 5 percent, plus inflation, in one year
- It also includes a provision requiring landlords to have “just cause” when evicting a tenant.
- Examples of Just Cause include failing to pay rent and violating terms of a lease agreement.
- The law applies only to multi-units apartments constructed in 1978-2004
- The law does not apply to SFR and Duplex where the owner lives in one of the units
- Apartment building constructed in 2005 and later are not subjected to this law
Ways To Protect Your Investment from The New Rent Control Bill
- Invest in Multi-units which was built in 2005 and later
- Invest in Single Units such as SFRs, Condos, or Lofts
- If you own a Duplex which was built in 2004 or earlier, occupy one of the 2 units as your primary or secondary home
- If you own a multi-units which was built in 2004 or earlier, consider upgrading your properties
We hope Easter brings you peace, love, and happiness. We would like to reach out for your help on the fundraising for the homeless in our community. Did you know the homeless counts reached 58,000 in LA county? That's 11% increase in just one year. And it's expected to be higher for 2018. Help us to ensure that no man, woman, or child in our community goes hungry.
Click Here to Donate-Donation will go directly to the Midnight Mission in DTLA.
FACTS ABOUT HOMELESSNESS IN DTLA
Thousands of homeless people include men, women, and kids sleep on the street of Skidrow in Downtown LA every night. Base on our chat with the Volunteer Manager of the Midnight Mission, a major homelessness services provider in Downtown LA since 1914, the few shelters nearby can accommodate only 25% of the homeless. So 75% of the homeless people sleep on the street. And the homeless rate in LA continues to increase due to housing affordability.
More and more homeless people are transferring from other areas to Downtown LA since the housing and resources to help the homeless are not available in other areas due to the political movement called NIMBY (Not in My Backyard). So more homeless people move to DTLA to be near the care/resource providers. While Homelessness has been an ongoing problem for years, it will only get worse if we continue to turn our back. It will take a community effort to make a difference.
Join us as the Downtown Los Angeles Real Estate Community comes together to make a difference! Our team is committed to volunteering in serving meals at the Mid-night mission on a regular basis. We set up a fundraising site to help fund basic care and preventive care for the homeless in DTLA. We are hopeful this will help reduce homelessness in the long run. We would appreciate your contribution of any amount. Homelessness is a widespread problem in our community. Help us save lives and better our community.
An interesting article from LA Times on strategies for reducing homelessness.
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As your local real estate experts, our goal is to provide you insider information about the state of the market and its current trends. Overall, Luxury condo/loft prices in DTLA are holding steady at an average Sold Price of $686/SF and an Average Leased Price of $2.87/SF with minimal Year to Year price changes. We hope my analysis will give you valuable insights on your real estate investment goals. Feel free to reach out to us anytime should you have more questions or need further market info on any buildings.
Typically there is more upside potential to invest in a building at the lower price range. In SouthPark district, the Elleven building has the most upside potential of all luxury highrises, and Flower Street Lofts and Grand Lofts for all Mid-rise buildings in SouthPark and surrounding area.
Areas with little or no new constructions such as the Art District-many buildings continue to enjoy price appreciation due to low inventory. Although there was an influx of inventory from New Luxury high-rises from Metropolis and Ten50, Lower priced buildings such as EVO still had a moderate price increase of 3%, and higher priced buildings such as the Ritz had a price correction of 6%.
The demands for leasing in DTLA remain strong even with the influx of inventory from many new apartment buildings. Rental prices are holding at average leased Price/SF of $2.87 with minimal price changes in most buildings. This is a good indication of strong demands for Downtown LA. A strong leasing market will translate into a strong selling market in the long run.
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