Editorial: Don't let real estate investors destroy all our rent-controlled housing stock

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Editorial: Don't let real estate investors destroy all our rent-controlled housing stock (via latimesopinion)

Living in California only gets more difficult as rents go up and affordably priced housing becomes more scarce. The problem is particularly acute in pricey urban coastal areas, like Los Angeles, wheresay they spent more than one-third of their income on rent and utilities.

Yet tenant advocates warn that California is losing thousands of rent-controlled units to real estate speculators and developers who buy up older buildings, evict the tenants and redevelop the properties, often into expensive new condo or rental units. They can take an entire building out of the rental market. They can evict all the tenants, allowing them four to 12 months to move out, and offer them some relocation money The owner can then leave the building empty, convert the units into for-sale condominiums or demolish the building and construct a new condo or market-rate rental property in its place. would require that a landlord own a rent-controlled property for five years before converting it to another use.

The bill is co-sponsored by the Coalition for Economic Survival in Los Angeles and the Tenderloin Housing Clinic in San Francisco and supported by dozens of tenant, housing, legal and political organizations. Several cities, including Los Angeles, Culver City, Santa Monica and San Francisco, support it.have been taken off the market in the city of Los Angeles alone under the Ellis Act over the last 20 years, according to an analysis by the Assembly Housing and Community Development Committee.

 

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opinion That shipped sailed quite some time ago,

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