Renting? Nearly a year ago, Councilman Hugo Martinez-Soto introduced a motion with Councilmember Bob Blumenfield to initiate an independent study of our rent control policies in LA so they could make changes to help working Angelenos.
The figures recently released by Councilman Martinez-Soto reveal the tremendous crisis that Los Angeles is experiencing and the challenges it faces.
“If you work in LA you should be able to afford to live in LA. Our City’s current policies around rent control unfairly burden working families, and we need to change our rent stabilization ordinance to prevent extreme rent hikes and lower the cost of living for Angelenos,” said the councilman.
The housing issue has been one of the most controversial in recent years, due to the indiscriminate increase in prices as well as the increase in the number of the homeless population.
Recently, the Economic Roundtable released their independent report, highlighting how, for decades, LA’s rent control policies have favored landlords at the expense of working families. Here is the data.
By the Numbers
*250,000 Angelenos spend over 90% of their income on rent, leaving them extremely vulnerable to homelessness.
*More than 1.5 million renters in LA are rent-burdened, meaning they spend more than 30% of their income on rent. That’s 59% of all renters!
*While overall inflation increased by 21% between 2010 and 2020, rents in rent-stabilized apartments were allowed to increase up to 36% during the same period.
*On average, about one-third of your rent goes to operating expenses for apartment buildings, including insurance and utilities. The rest goes toward profit and mortgage payments.
Building A Fairer System
Councilman Hugo Martinez-Soto supports a policy proposal from tenants aimed at creating a more balanced policy for renters while still allowing landlords to turn a profit:
*Cap rent increases at 60% of inflation, or 3%, whichever is lower – with no minimum rent hikes. This prevents extreme rent increases while ensuring that if the cost of living remains stable, so should your rent.
*Close the loophole that imposes higher rent increases on tenants whose utilities are included in the rent – a key recommendation from the independent report.
What’s Next?
In the coming weeks, the Housing Department will present their report to City Council, where the Housing & Homelessness Committee will recommend exact policies for the full City Council to vote on.
If you don’t want to wait to make your voice heard, submit a public comment by clicking the pen and paper that says “new” on this website.
https://www.documentcloud.org/documents/25140397-equitable-rent-economic-roundtable-report-final
EVICTION HELP FOR LA CITY RENTERS
Write a Reply or Comment
You should Sign In or Sign Up account to post comment.