On May 7th, the City of Los Angeles took the first of two votes necessary to adopt a moratorium on the annual CPI adjustments for properties under rent control, according to the LA Times. The justification for the decision is that renters suffering under difficult economic times cannot afford to have their rents increased to keep up with inflation. This justification for harsher rent controls is dubious, at best. Landlords are not responsible for the recessions. The cost of what is essentially a poverty program (which requires no income qualification) should not be imposed on them. If the City Council votes to confirm the decision, I hope a property owner will decide to file suit to challenge the moratorium.
Posted by: Mark Alpert | May 10, 2010
City of Los Angeles Set to Block CPI Increases Under Rent Control
Posted in Current Events, Regulation Nightmares, Rent Control
Clowncilman Alarcon is a scumsucker! This has nothing to do with affordable housing. “61 percent of residents are renters” The ahole simply knows where to go for the votes!! What about the huge increases in costs to run an apartment building? These cost increase way more than the CPI. Water and Power, Insurance, Plumbers, Legal Costs..THESE ALL GO UP MORE THAN 3% a year!
By: crankylandlord on May 20, 2010
at 1:33 am
I agree cranky, but I had to edit out the foul language!
By: Mark Alpert on May 26, 2010
at 7:58 pm