"It's completely arbitrary that we can create rent control for buildings from 1978, but we can't do it for 1980," said Los Angeles City Council member Hugo Soto-Martínez, pointing to the city's homelessness crisis. "Every year, we continue to lose more of our rent-stabilized housing."
"If the proponents of Prop. 33 think this will solve our housing crisis, they're mistaken," he said. "If the opponents of Prop. 33 think that this will result in housing armageddon, they're mistaken as well."
The council last week passed a resolution, authored by Soto-Martínez, endorsing Proposition 33. Those kinds of actions by cities trouble landlords, who point out that their costs for utilities and insurance are rising, in some cases, outpacing inflation.
In an email newsletter sent to housing providers Friday, real estate firm Bornstein Law warned its clients that "there is a real possibility that Proposition 33 will pass because of the widespread belief that the rents are too damn high." The firm urged landlords, in preparation for the potential policy shift, "to raise..."
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