Rent in Los Angeles has been a hot topic lately. Whether it is because of the rising prices, or the topic of making changes to rent control, this effects everyone. In a recent article from The Real Deal Los Angeles, Major Eric Garcetti is pushing to reform rent control. However, often times when people speak of rent control, they only discuss the limitations of rent increases (which is based on the Consumer Price Index). However, there are other aspects of it. Here are three things you need to know about rent control.
- At the end of the lease, a landlord cannot break it: That’s right, when the lease is up, a landlord cannot tell the tenant to leave. The tenant can stay there as long as he/she likes as long as rent is paid and rules are followed.
- Not all properties are subject to rent control: As of right now, single family homes are not subject to rent control. And neither are condos built after 1978. However multi-units, such as duplexes to 100+ unit complexes are. The verdict is still out however for when both the home and the accessory dwelling unit (converted garages or guest houses) are rented out at the same time.
- There is no means testing for the tenants: The concept of rent control is to protect the tenant. However, not all tenants need the same protecting as others. In other words, there are people in Los Angeles making six figure incomes, and paying well below the median average for rent. So what does this mean for the landlord? The landlord still has to follow the rule of law.
Whether we like rent control or not, it appears that it is going to stay. Now what I mentioned above is based on the laws that are in place as of the time of this article. Times change, and so do the laws, so no matter what, consult with the right professionals on this matter.
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