James Madison once said that “the rights of person, and the rights of property, are the objects, for the protection of which Government was instituted.” This line has been blurred a bit, as the government instructs owners: however sacrosanct your property ownership rights are, an unoccupied property must be used for the social good.
As the situation surrounding COVID-19 (coronavirus) continues to evolve, the Apartment Association of Greater Los Angeles and the producer of the Income Property Management Expo & Maintenance Mania has been committed to working closely with the City of Pasadena Public Health Department, Los Angeles County Department of Public Health and we have been monitoring guidance being communicated by the Centers for Disease Control and Prevention.
State public health experts have determined that gatherings should be postponed or canceled across the state until at least the end of March. Non-essential gatherings must be limited to no more than 250 people, while smaller events can proceed only if the organizers can implement social distancing of 6 feet per person. Gatherings of individuals who are at higher risk for severe illness from COVID-19 should be limited to no more than 10 people, while also following social distancing guidelines.
As a result, we are postponing the March 24th Income Property Management Expo until Wednesday, October 7th. The Expo at that time will again take place at the Pasadena Convention Center. In addition, Maintenance Mania will be cancelled until further notice. Additional information regarding the event will be made available as soon as possible.
Alarmed about people being “squeezed out” of their homes, Los Angeles City Councilman Mike Bonin wants to clamp down on rent increases for hundreds of thousands of tenants, tightening the rules under a long-standing city ordinance.
Decades ago, Los Angeles decided to limit how much rents could be hiked annually for tenants living in older buildings. Under the Rent Stabilization Ordinance, annual increases are based on the consumer price index — a typical measure of inflation — and capped at 8%.
By Nicole Seidner, Contemporary Information Corporation (CIC)
Now is the time to discuss everyone’s favorite subject, fair housing law. Such a fun topic – it’s right up there with favorite sports team, latest blockbusting movies, and that funny thing your dog did. Fine, talking law and restrictions is barely fun for the lawyers. That doesn’t mean the conversation can or should be avoided.
One of the most dangerous things that a rental property owner or multifamily professional can do is accidentally (or intentionally) cross swords with the Fair Housing Act (FHA). One of the most defining laws of the industry, the FHA was created to ensure every person that applies for a place to live has an equal chance of getting it. In no way was the FHA the first of its kind, as the Rumford Fair Housing Act was writ just a handful of years before, and similar laws struggled their way towards change since the 1800s. However, the Fair Housing Act of 1968 was greatly different because of its success in changing the game of renting.
As a rental housing professional, you probably know the ins and outs of your property’s local eviction laws. Recently, in states, counties, and cities across the US there has been a movement to amend the eviction process in order to protect renters with minimal regard for impacts it may have on rental property owners.
Legislators and activist groups pushing for more leniency and restrictions related to the eviction process are increasingly likely to pass laws, or ordinances, that will require changes to the way you manage properties. Among the best ways to protect your investments and clients is to get a refresher on some of the most common complaints that can easily result in ending up on the wrong side of the decision in a courtroom.
From notice requirements and eviction fees – you know what to do in case a resident infringes on their lease. But, do you know when you can’t file for eviction? These are four ways your eviction could be illegal.
Numerous acronyms serve as shorthand for real estate professionals to communicate about complex financial and investment concepts:
- PMI (private mortgage insurance)
- NOI (net operating income)
- CCR (cash-on-cash return)
- MLS (multiple listing service)
- FMV (fair market value)
Private mortgage insurance, for instance, is widely known to residential lenders and borrowers as a form of protection when a down payment is below certain levels relative to the amount borrowed.
But here’s another real estate acronym that should join the lexicon of residential property owners and property managers:
A brief glance at a lease agreement usually appears as though the landlord wields all the power (which he does most of the time anyways). However, an overzealous landlord or a careless one could find himself with some serious legal liability problems if he doesn’t take caution. To save yourself from expensive mistakes, read on to learn more about landlord liabilities pitfalls to avoid.
Governor Newsom Extends Anti-Price Gouging Through the End of 2020 for Several California Counties
In the spirit of Christmas, Governor Newsom has extended restrictions on rent increases for another year. On December 23, 2019 Governor Newsom signed Executive Order N-22-19 extending price gouging protections in the following counties through December 31, 2020: Butte, Los Angeles, Mendocino, Napa, Santa Barbara, Sonoma and Ventura. Price gouging restrictions affect both rent increases and vendor charges to a landlord after a natural disaster. Neither can exceed a 10% increase unless the seller can prove that the increased price is directly attributable to increases in the cost of labor or materials needed to provide the good or service.
By Dwight Kay and The Kay Properties Team
You are about to sell your property, and your CPA tells you that there is a large tax consequence lurking around the corner. In order to avoid paying capital gains and depreciation recapture tax, you consider a 1031 exchange whereby your taxes are deferred from the sale into a new property or group of properties. The legal and financial particulars of executing a 1031 exchange can be confusing, but many potential exchangers find it more difficult to find the next property in which to invest.
Last month, we discussed the complexities of California’s affordable housing crisis and the role that Federal tax laws and housing policies have played in creating California’s affordable housing shortages. This month, we continue our discussion with the complexities created by California’s legislature and various local jurisdictions and offer several proposed solutions to alleviating California’s present affordability situation.