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By City News Service
Feb 25, 2021
LOS ANGELES (CNS) - The Los Angeles City Council s Housing Committee voted today to advance a motion to explore enacting a rent freeze on residential units with expired or soon-to-expire affordability covenants like the one at Hillside Villa Apartments, which the city is hoping to purchase to prevent significant rent increases.
“The city is at risk of losing thousands of affordability housing units through the impending expiration of regulatory rent covenants. Regulatory covenants are recorded on a property to ensure the long-term affordability of units, often in return for a public subsidy or housing density bonus, Councilman Gil Cedillo s motion reads. “Many covenants are now reaching an expiration date, which would effectively remove the affordability requirements, and allow an owner to raise rents to market rate.
By City News Service
Feb 16, 2021
LOS ANGELES (CNS) - The Los Angeles City Council voted today to have the city take steps to expand its program of purchasing affordable housing buildings to prevent rent increases and keep low-income individuals and families housed throughout the city.
The motion passed with 14 yes votes and one council member absent. By purchasing naturally affordable housing, the city can remove units from the speculative market, help insulate tenants from price increases and create housing for low-income families, stated the motion, which was introduced by Council President Nury Martinez. This is also an incredibly cost effective solution.