NO MORE CONDO CONVERSIONS?
On April 11th, L.A. City Council passed a measure that could eliminate the lowest cost entry level housing in the City, condo conversions. The new city ordinance is so imposing it may as well restrict condo conversions by apartment building owners completely.
- increase relocation fees that owners of apartment buildings must pay to tenants from $8,000 for seniors or disabled tenants (qualified) to $17,080.00, for other tenants relocation will increase from $3,200 to $9,040 these rates apply for tenants whose income is 80% (AMI) or below or resident in the unit five years or longer. For tenants resident for less than 5 years, a relocation fee must be paid of $14,850 to qualified tenants and $ 6,810 to others.
- require building owners to notify tenants of their intent to convert to 180 days
- increase housing production fees by 198% from $500.00 to $1,492.00
- Enforces the denial of project applications if a rental vacancy rate of 5% is not present in the community
And we wonder why the rental housing stock has declined in Los Angeles. The city should be encouraging investments in housing by the real estate community to increase supply and solve this problem.
If you have comments about this policy, the contact information of our elected officals is below.
Our region:
Hon. Wendy Greuel 213 485 3391 or 818 755 7676 councilmember.greuel@lacity.org
Hon. Tom LaBonge 213 485 3337 or 818 755 7630 tom.labonge@lacity.org
Hon. Jack Weiss 213 473 7005 or 818 756 8083 councilmember.weiss@lacity.org
Hon. Dennis Zine 213 473 7003 or 818 756 8848 councilmember.zine@lacity.org
Hon. Tony Cardenas 213 473 7006 or 818 778 4999 councilmember.cardenas@lacity.org
Hon. Greig Smith 213 485 3343 or 818 756 8501 councilmember.smith@lacity.org
Others:
Hon. Ed P. Reyes 213 485 3451 councilmember.reyes@lacity.org
Hon. Bernard C. Parks 213 473 7008 councilmember.parks@lacity.org
Hon. Jan Perry 213 473 7009 jan.perry@lacity.org
Hon. Herb Wesson 213 473 7010 councilmember.wesson@lacity.org
Hon. Eric Garcetti 213 473 7013 councilmember.garcetti@lacity.org
Hon. Jose Huizar 213 485 3335 councilmember.huizar@lacity.org
Hon Janice Hahn 213 473 7015 janice.hahn@lacity.org