Attention Los Angeles and Southern California Multifamily Owners, Investors and Buyers
The City of Long beach has preliminarily passed a city ordinance requiring landlords to make a payments of up to $4,500, to help tenants with moving expenses if their rents are increased more than 10% in a single year. This is for otherwise tenants in good standing when rents are increased with 50% payable before they move and the other 50% with five days of move out.
Tenants will be eligible in three circumstances:
- When their rent increases 10 percent or more in a 12-month period.
- When their landlord issues a notice to vacate in order to rehabilitate the unit.
- If they’re in “good standing” but receive an eviction notice. To be in good standing, a tenant has to have lived in the unit for more than one year and be current on rent, among other things.
Owners of single-family homes duplexes, fourplexes used as rentals are exempt from the new rule.
This still must receive final passage from Long Beach City Council, but I’ll bet that it easily passes.
Wonder how quickly this will spread to other non-rent controlled areas in Southern California? Again, this will not affect Santa Monica and City of Los Angeles or any other area already under rent control.
Naturally, this is opposed by Los Angeles commercial real estate agents, realtors and brokers and landlord / owners.
More detail at the link below.