Rent Stabilization |
|
|
The most recent development in rent control, and one that is more beneficial to the landlord than to the tenant, is the Costa-Hawkins Bill, which went into effect in 1999. This bill allows landlords to raise the rents of vacated rent-controlled units to current market value, which has resulted in a significant loss of bargain-priced rentals. It is, therefore, worth nothing that rental units affected by the Costa-Hawkins Bill are still covered by rent control, in terms of how much rent may new raised form year to year during a tenancy. However, this type of rent control does nothing to prevent the rent of recently vacated apartments from being immediately raised to current market value. Cities with rent control have counselors who can help a renter sort it all out. |
|
|
|
|
In an effort to offer affordable rental housing, several cities in the Los Angeles area have enacted rent stabilization. Rent control laws and their effects will vary according to the city. In Los Angeles City, for example, rent stabilization is applicable only to buildings constructed before 1979. If you’re renting in a building built after this date, the landlord can issue annual increase at whatever amount he/she pleases with 30-days notice.
|
