INFO ALERT : LA County wants new “Tenant Protection” policies! BizFed speaking at Board of Supervisors tomorrow.

Posted May 13th, 2017 | Status:

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Construction of Housing

INFO ALERT : LA County wants new “Tenant Protection” policies! BizFed speaking at Board of Supervisors tomorrow.

A motion was introduced at the last Los Angeles County Board of Supervisors meeting by Supervisors Hilda Solis and Sheila Kuehl. It relates to residential and commercial rental markets and rental policies across the county and calls for a “tenant protection policy” and formation of a “tenant protection working group”.

We are very concerned that current motion is written from only a tenant prospective without any consideration from the apartment/housing owner and business community.   The current motion does not mention key economic factors that leads to this housing crisis such as; lack of housing stock, the excessive cost of doing business in L.A. County, little incentives to make it easier to build in L.A. County and the burdensome regulatory climate.  These are four of the top 5 concerns about what is stifling our economy according to business owners and leaders like yourself who took our annual BizFed poll.

Quite simply the Board of Supervisors will hear that the simplest and most effective solutions to the housing crisis are to promote, incentivize and build more housing units and not “feel good” policies that artificially suppress rental rates and creates additional scarcity driving up the cost of housing.

Join us if you can…And spread the word to engage with the County to get this ordinance done right.

Special thanks to BizFed Advocacy Committee Co-Chair Paul Little, Pasadena Chamber of Commerce for the intel.

MEETING DETAILS
WHAT: Board of Supervisors meeting – Tenant protection policy
WHEN: Tuesday, May 16th at 9:30 am
WHERE: Kenneth Hahn Hall of Administration – Hearing Room

CLICK HERE for Solis-Kuehl motion

CLICK HERE for Daily News Op-Ed about the Housing Crisis by BizFed CEO Tracy Hernandez

CLICK HERE for Beacon Economics Analysis on Rent Control policies

 

BACKGROUND

  • According to Beacon Economics analysis on Rent Control; Rents are too high because multi-family housing and the state’s housing stock have failed to expand commensurately with the ever-growing population. The solution to this affordability problem is to expand the housing stock in these cities, not introduce price ceilings.
  • The presence of rent control was associated with a decrease in the number of middle-income households (those making between $35,000 and $75,000 annually) that spent 30% or more of their income on rent from 2000 to 2013.
  • The presence of rent control was associated with an increase in the price of median rents in a city from 2000 to 2013.
  • Developing a rent control initiative will further dwindle the development of workforce and market rate housing production which further raises costs due to scarcity.
  • A rent control initiative will further erode communities and create areas of neglect because the cost to maintain the units will not keep pace with the rents needed to provide the maintenance.
  • According to a recent report from California’s Legislative Analyst’s Office (LAO) LA County needed to build over 1 million more homes over the last three decades just to keep housing prices in line with the rest of the country.

 

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