"Bills are immediately adding up for the small-time landlord, from $1,000 to get the water turned on to $6,000 in annual property taxes. She worries that the amount she collects in rent will not be enough to cover her expenses. With the city on the verge of making the first major change to its rent stabilization ordinance since 1985, potentially capping annual rent increases at 3%, landlords such as Valentine fear that Los Angeles will become a hostile environment for them."
"One tenant, Cindy Moran, 31, has lived in a rent-stabilized one-bedroom apartment in Exposition Park with her parents since she was born. They are now fighting eviction, she said, with their landlord stating that he wants to move into the property. Moran believes he is trying to turn the site into 120 units of affordable housing. She fears they will not be able to find another apartment as affordable as the $700 a month they pay."
Valerie Valentine bought a triplex in South Los Angeles and faces immediate expenses, including $1,000 to turn on water and about $6,000 in annual property taxes. Many small landlords worry rental income will not cover mounting costs. The city is considering a change to rent stabilization that could cap annual rent increases at 3% for pre-1978 units. Current allowable increases range from 3% to 8%, rising to 10% if landlords pay utilities. Renters outnumber landlords and strongly support the proposed cap. Long-term tenants paying low rents fear eviction and inability to find comparable affordable housing.
Read at Los Angeles Times
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