What do you think about this rent control issue in Los Amgeles?

[msc545]

Amid ongoing debates over tenant protections, a motion to further amend the rent stabilization ordinance (RSO) is headed for a final vote before City Council today. While the measure is designed to help tenants, some small rental property owners say it fails to address the reality that they can no longer afford to operate under the current regulations. https://www.westsidecurrent.com/news/as-the-city-moves-to-strengthen-rent-protections-small-landlords-say-they-re-being-pushed/article_2651deb1-1b30-4e91-9225-3a65f9287ef2.html

[Chazmatazz269]

The big companies building multi family dwellings and renting units within them can spend more money lobbying lawmakers for favorable legislation. So the little guys lose out. It’s that way with every industry. This is the side effect of much of the left’s policies and practices that their constituents refuse to acknowledge. They’re playing the exact same game as the republicans they convinced you to hate. They’re helping big business crush their smaller competitors and create de facto monopolies. That’s exactly what is happening down south as a direct result of the palisades fires. Previous owners aren’t being given the permits they need to rebuild. Their time will pass and one or more developers will move in and rezone for apartments, condos or both. They’ll replace all those family owned shops and restaurants with a destination outdoor mall. Newsom and Bass are making big bucks in back room deals and there’s nothing you can do to stop it. They’ll take the money and run. Then you’ll elect the next democrats who promises to fix the mess left behind by their predecessors, and the cycle will start all over.
California has been run exclusively by democrats for decades and we still have higher than the national average crime, poverty, homelessness, drug addiction, housing prices and taxes, and they haven’t solved one single problem that they campaign on every single time. How many times do they have to let you down before you catch on? Ell oh ell!

[lightbulb27]

price controls at the low level don't work, just means quality suffers and there's more problems. incentivize the creation of more rentals and punish those that damage rentals, as those costs are substantial.

Also create incentive for people to take in homeless and rehabilitate them. Those whom are successful receive a tax credit.

my state is worse than CA in terms of dealing with these issues. Our homeless are screwed and better off going somewhere else.

[msc545]

Keep in mind that more people who rent apartments are voters than people who own apartments, and try to figure out what's going on.

[RandomGirl42]

Ty for inviting me to share whether it's automatic or not.

As always, I have put much thought into everything and come up with a conclusion:

[Sevenpointfive]

i don't feel bad about that. if you don't like it then sell, move and buy a different property you can slowly kill people with.

this sounds like a complex problem and unfortunately, i didn't get past the paywall to see if anything was addressed.

[exitseven]

If rent is stabilized then property tax should also be stabilized. It's only fair.

[msc545]

Property taxes in CA are fixed at 1% of the last sales price.

[exitseven]

@msc545 really? I am not sure if thats a good deal or not. I imagine the average house costs more than a million dollars.

[msc545]

Well housing prizes pretty high, but I think a million dollars is not all that typical. Although you're not completely incorrect since where I live, it's closer to two or 3 million, but people don't buy these houses without being cognizant of what they're going to owe every year in property taxes usually the way it works is that the property tax payment is stretched out over 12 months and bundled with mortgage and insurance payments. The actual rate when you include all the local taxes is about 1.5% of the last sales price.

With a simple calculation you will see that if the last sales price was a million dollars then that will add about $1,875 per month to cost. That is an ugly amount but doable for most people in that bracket. Who can afford housing at at that rate.

The good thing about the California law regarding property tax is that it can never be increased past the amount of 1% of the last purchase price. In other states, it floats along with market value and people can lose their houses very quickly when the market goes up.

[exitseven]

@msc545 We have a law that limits the amount a town can raise property taxes to 2,5% unless the townspeople vote for an override. This id done mostly to build a new facility like a fire station or school. My cousin lives in New Jersey and hos house and land is not as nice as mine. he is paying almost double the property tax.

[Anonymous]

It eliminates electricity and gas fees while freezing the rent at a fixed rate.

Thing is, I do believe in freezing the rent however eliminating electricity and gas fees will f*ck up the landlords. There needs to be a way to maintain electricity costs and gas costs so, it isn’t a burden on landlords prior to putting this in place.

[slatyb]

All rent control is a transfer of equity from property owners to the current tenants. It reduces supply and increases rents for units not subject to rent control, making it very difficult for people to move into the city.

[Mike_Whocheese_Harry]

Pushing small landlords out of business seems like a lovely idea. Let's eliminate housing supply and competition. That always works wonderfully.

[Anonymous]

Sounds like another elite move to force property ownership into the hands of the elites

First banish small/independent landlords then banish private ownership

[Anonymous]

when you fix energy you fix everything else