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Current documentary transfer taxes on real estate transactions within the City of Los Angeles, and in cities such as Berkeley, Oakland and Culver City fund general services of those cities.
Los Angeles’ voters already approved Proposition HHH in 2016, which was a $1.2-billion bond measure to fund homeless housing. In 2017, Los Angeles County voters passed a 10-year, quarter-cent sales tax increase to fund homeless services. Since then, voters have been frustrated by the slow pace of projects and government waste.
LANDLORD TO PAY $4.5 MILLION FOR ALLEGED SEXUAL ASSAULTS
A City of Elizabeth landlord has agreed to pay $4.5 million to resolve a federal Fair Housing Act lawsuit alleging he sexually harassed tenants and prospective tenants for more than 15 years. The landlord, Joseph Centanni who is 74, also faces criminal charges for allegedly coercing 20 tenants into sexual acts in exchange for financial relief. Additionally, he is charged with 13 counts of second- degree sexual assault, one count of second-degree attempted sexual assault, and 21 counts of fourth- degree criminal sexual contact. The $4.5 million payout is the largest monetary settlement the Department of Justice has obtained in a case alleging sexual harassment in housing. According to court filings, the landlord had targeted women, as well as men who are gay or bisexual.
CALIFORNIA REALTORS PROPOSE LEGISLATION TO PREVENT BULK HOME SALES BY LARGE FIRMS
Presently titled “Prohibition of Government Sponsored Entity Bulk Sales,” the realtor sponsored legislation seeks to stop the unprecedented shift in the ownership of houses, from homeowners to mega-corporate investors and from “mom and pop landlords” to Wall Street landlords. In the post foreclosure-crisis landscape, Wall Street has provided private equity firms with foundation that has established a new kind of rental housing market — one that harms vulnerable renters and communities in unprecedented ways. By prohibiting “bulk sales”, especially in high-cost areas, our states working
CS-4 FEBRUARY 2022 - APARTMENT MANAGEMENT MAGAZINE
families would again have an opportunity to be able to purchase REO properties. The states working- class families and communities of color deserve to once again have the ability to build wealth and gain stability within the communities in which they live.
During a recent Board of Director meeting, the following motion was approved by the California Associatin of Realtors:
“The California Association of Reators will “SPONSOR” legislation in 2022 to: (a) Conform to federal regulations, and provide owner-occupants and public entities with an opportunity to purchase Government Sponsored Entity (GSE) backed REO properties for 30 days (e.g. federal “First Look” program); (b) Require lenders to receive and provide written acknowledgment of all offers during that 20 day period to the potential owner-occupant purchaser and public entities; (c) Require financial institutions to respond to offers made pursuant to the “First Look” program prior to considering any offer from investor purchasers; and, (d) Prohibit a GSE from conducting “bulk sales” in California.”
The legilsation is being co-sponsored by Habitat for Humanity and the Caliornia Building Industry Association in addition to the California Association of Realtors. The co-sponsors are requesting that the State of California allocate a minimum 20% of total state housing funding to the production of owner- occupied, deed-restricted affordable homes for lower income Californians.
LIVABLE SMART SAVER TIP OF THE MONTH
“Gamification”... the application of typical elements of game playing (e.g., point scoring, competition with others, rules of play) to other areas of activity, typically to encourage engagement. When you add the element of gamification to utility cost savings, it is fun and has the added bonus of residents realizing they are also saving money. That is empowering.
Encourage residents to take shortcuts like: Take shorter showers (set a timer and see if you can beat your best time); unplug unused electronics.; or, take a bath with a partially filled tub instead of a shower. Turn these shortcuts into a bingo card. You could email your residents and if you really want to make it fun, turn it into a property-wide competition. To find out how Livable can save you money, check out http://www.livable.com/apn/ or call (877) 789- 6027.