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Started By
Message
On Feb 13th Santa Monica is voting on a proposal that could change housing in CA forever
Posted on 2/12/24 at 8:51 am
Posted on 2/12/24 at 8:51 am
quote:
Here are the highlights:
- This covers all housing. Including non-RC buildings.
- If an owner increases rent by CPI +5% or 10%, the owner must pay a relocation fee if the renter chooses to move
- If a renter vacates and claims it was due to harassment, illegal lockouts, uninhabitable conditions, or other constructive situations, an owner may pay a permanent relocation fee
- Owners are required to offer buyout agreements no less than city defined fee.
- If you try to buy a tenant out twice within 6 months, they can sue you.
- $20,000 per violation fee
- Landlords may no longer refuse to accept housing vouchers from renters
- Also being drafted is the inability of a landlord to evict a tenant for unpermitted work on a unit.
For reference, the current relocation fees are:
Single: $18,250
One Bed: $25,150
Two +: $34,950
If you want to move into your own unit, yep, still paying the fees.
LINK
The bill
39
Posted on 2/12/24 at 8:53 am to stout
How is one municipality going to change a whole state?
Posted on 2/12/24 at 8:53 am to stout
When there is nothing to rent..... you will know why.....
Posted on 2/12/24 at 8:53 am to stout
That place is so fricked up.
Posted on 2/12/24 at 8:54 am to stout
Housing deserts incoming...
Posted on 2/12/24 at 8:54 am to HeadSlash
quote:
How is one municipality going to change a whole state?
Setting the precedent
Posted on 2/12/24 at 8:56 am to stout
quote:
If an owner increases rent by CPI +5% or 10%, the owner must pay a relocation fee if the renter chooses to mov
So the property tax assessor is going to follow this same rule, right? RIGHT!?
Posted on 2/12/24 at 8:58 am to stout
They vote democrat. Democrat is exactly what they got.
Posted on 2/12/24 at 8:59 am to HeadSlash
quote:
How is one municipality going to change a whole state?
When these people go to court attorneys use the rulings from previous judgements to make their cases. They live in liberal cali so the judgement will always be against YT the landlord.
Posted on 2/12/24 at 8:59 am to stout
quote:
Setting the precedent
California is the example of what not to do
Posted on 2/12/24 at 9:04 am to Ace Midnight
quote:
Housing deserts incoming...
Nope when you can’t afford to rent it out because you don’t have the capital or the attorneys to fight it, don’t worry. Blackrock/Vanguard will swoop right in and snag it. Once all the land and property is bought by the corporations that pay the liberal politicians and influencing judges the city/state will then miraculously have a change of heart. The rulings will be reversed.
There’s a saying. You may have heard of it.
“You will own nothing - and you will like it!”
Posted on 2/12/24 at 9:06 am to stout
So the city has perpetrated bad housing policy for years to get to a position where there's no affordable housing and rather than fix the mess they've created just want to kick the can to landlords.
Got it.
Got it.
Posted on 2/12/24 at 9:07 am to HeadSlash
quote:
How is one municipality going to change a whole state?
Because being retarded is contagious in California and Santa Monica, while considered its own muni, is part of greater LA. You know that other areas of LA are going to get in on this after it passes.
Posted on 2/12/24 at 9:13 am to stout
I wish CA would just cease to exist.
Posted on 2/12/24 at 9:23 am to jbird7
See you down in Arizona Bay.
Posted on 2/12/24 at 9:25 am to jbird7
quote:no you don't, they pay the souths bills.
I wish CA would just cease to exist.
Posted on 2/12/24 at 9:26 am to stout
This is going to kill the rental market there, but perhaps that's by design. Santa Monica is a desirable area so laws like these will end up making properties more valuable as rentals go up for sale and apartments are transitioned to condos.
Their renter population will likely get pushed out to neighboring suburbs.
All of this is going to drive up real estate even more, at least until more people join the flood already leaving California.
Their renter population will likely get pushed out to neighboring suburbs.
All of this is going to drive up real estate even more, at least until more people join the flood already leaving California.
Posted on 2/12/24 at 9:27 am to tigeraddict
quote:
When there is nothing to rent..... you will know why.....
I wonder if this will stop the mass buying of single family homes by large asset managers that just turn around and rent them. Might not be worth the hassle now with shrinking margins and more risk of penalty fees.
Posted on 2/12/24 at 9:27 am to stout
quote:That cap probably isn’t enough to offset increases on property tax and/or insurance some years.
If an owner increases rent by CPI +5% or 10%, the owner must pay a relocation fee if the renter chooses to move
Seems like bullshite as long as the landlord isn’t trying to change the rent in the middle of a lease. But no penalties to the tenant who violates the lease terms or tries to end the lease early
Posted on 2/12/24 at 9:30 am to stout
That would force me to sell all of my holdings, or just board them all up and wait for the inevitable homeless to move in, then I could burn them down for insurance money.
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