Patch: LA Officials Enact New Affordable Housing Law

Patch: LA Officials Enact New Affordable Housing Law
April 21, 2017 Peter

LA Officials Enact New Affordable Housing LawLOS ANGELES, CA — Amid skyrocketing rents and a housing crisis, Los Angeles Mayor Eric Garcetti Friday signed and praised a new law that aims to strengthen enforcement of the city’s Rent Stabilization Ordinance. The law will require landlords who demolish rent-controlled units under the Ellis Act to either replace them one-for-one with affordable units or make 20 percent of new units affordable, depending on which is higher. “We’re growing L.A.’s housing stock to meet our residents’ growing demand in every way possible — including strengthening our stock of rent stabilized housing. But we need to make sure that it is done in a way that’s fair to all Angelenos by protecting people from being priced out of communities where they have invested so much of their lives,” Garcetti said. “The law I signed today is a great step in the right direction.” The new law will also increase regulations of the Ellis Act, the law that allows landlords to evict residents as they seek to get out of the rental business.

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