Defeated! Proposed Moratorium on Rental Increases in the City of Los Angeles Goes Down!

Defeated! Proposed Moratorium on Rental Increases in the City of Los Angeles Goes Down!
By: Nicholas A. Dunlap, CPM

Let freedom ring! In a battle of principles, apartment owners in the City of Los Angeles won big last week. In a battle of hard number financials, the victory remains dismal. The allowable 3% increase in rents of existing residents at apartment communities covered under the Los Angeles Rent Stabilization Ordinance at least allows owners an attempt to recover a portion of the ever-increasing utility and wage expenses associated with owning and managing apartments. Rent control is a nightmare and truly something that apartment owners in other areas must remain cognizant of and be willing to fight, along with other issues such as eminent domain. Congratulations to the Apartment Association of Greater Los Angeles who worked hard to defeat the moratorium proposed by Councilman Richard Alarcon.

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