Ricahrd Llewellyn News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. ....

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