To the editor: After studying your editorial on a brand new rent-control proposal within the metropolis of Los Angeles, I stay satisfied that the Metropolis Council, the mayor and the Housing Division don’t get it. The editorial outlined how revisions within the lease management regulation would decrease the flexibility for landlords to extend lease as in comparison with the present regulation.
I used to be one of many mom-and-pop landlords who tried to do the suitable factor and had long-term tenants. Our rents have been ridiculously low.
Through the COVID-19 pandemic, we went with no lease improve for 4 and half years whereas inflation skyrocketed. After 80 years of proudly owning in our household, my brother and I bought the condominium constructing this yr, as proudly owning it made little monetary sense.
These draconian lease management insurance policies are forcing out landlords who need to do the suitable factor by their tenants and might not afford to take action. The end result might be rent-controlled flats in Los Angeles turning into extra outdated and in disrepair, or landlords doing unscrupulous issues to drive their tenants to go away.
Gail Feuerstein, Irvine
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To the editor: Luckily, Los Angeles has lengthy been a metropolis with a lease management coverage, which is meant to make sure that residents who’ve labored and lived in a neighborhood for years or many years can stay in that neighborhood, quite than the rented house they reside in going out to the very best bidder yearly.
That mentioned, landlords do must obtain incremental lease will increase from current tenants every year to pay for escalating prices of upkeep and administration.
Current allowable annual lease will increase for flats constructed earlier than Oct. 1, 1978, have been round 3%. Nevertheless, lease will increase weren’t allowed through the pandemic. Because the affect of the pandemic subsided, considerably increased lease will increase of 4% have been allowed in 2024, presumably to partially offset the prior lease freeze.
A protracted-term restrict of three% seems cheap, as landlords can cost increased market rents when tenants ultimately transfer out — so annual total lease will increase for an condominium advanced ought to common greater than 3%.
I’d hope most traders buying flats are in it for the long run and to not make a killing in a yr or two.
Ken Hense, Los Angeles
