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PROVIDED BY THE APARTMENT ASSOCIATION OF GREATER LOS ANGELES
FEBRUARY
IT’S TIME TO RENEW AND FILE CITY OF LOS ANGELES BUSINESS TAXES
City of Los Angeles Business Tax Renewals are due on January 1, 2022; however, owners of rental property and other businesses have up until February 28, 2022, to complete and file their renewals. After February 28, 2022, the Business Tax Renewal would delinquent and subject to penalties. EVEN IF NO TAX IS DUE, YOU MUST FILE A COMPLETED RENEWAL.
The City suggests that the Business Tax Renewal be filed electronically. Visit www.finance.lacity.org/ renewal to enter your details into the system. To access account records, you may use your Social Security Number or Federal Employer Identification Number. If a tax liability is due, you can pay online via e-check, credit card (service fee applies), or by ACH (required if more than $50,000 is owed.
STUDY REVEALS CALIFORNIA HOUSING PRODUCTION FAR BEHIND DEMAND
The Public Policy Institute of California released a new study, “New Housing Fails to Make Up for Decades of Undersupply,” which concluded that California “added 3.2 times more people than housing units over the last 10 years” and “there are now 2.93 Californians for every occupied housing unit, behind only Utah (3.09) and Hawaii (2.93), and far above the average of all other states,” cites the state’s Legislative Analyst’s Office which reported “the state should have been building 70,000 to 110,000 more housing units beyond what it actually
built in each year from 1980 to 2010,” but “average annual production has actually slowed, from 147,000 per year in the first decade of the century to just 71,000 per year since.”
The study further concluded that the “state’s exorbitant housing costs have long been driven by too many potential buyers chasing after too few houses. The typical home value in California is considerably more expensive than in the rest of the country, and while incomes here are also higher, they are not high enough to match. Rents are also high, with California renters spending a larger share of their income on rent, and vacancy rates are consistently lower in California than elsewhere.”
ATTORNEY GENERAL BONTA ANNOUNCES JUDGMENT AGAINST REAL ESTATE INVESTMENT COMPANY FOR UNLAWFULLY EVICTING TENANTS FROM FORECLOSED PROPERTIES
California Attorney General, Rob Bonta, announced today a $3.5 million judgment against against Wedgewood, a Los Angeles county-based real estate investment firm. A.G. Bonta had alleged that Wedgewood unlawfully evicted tenants from foreclosed properties it had purchased. Wedgewood is in the business of buying, refurbishing, and selling foreclosed properties.
In order to resell the properties quickly, A.G. Bonta
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APARTMENT MANAGEMENT MAGAZINE - FEBRUARY 2022 CS-1