Long-term renters in Santa Monica are staying in their apartments but a new tenant would need to earn $91,200 per year to afford a studio, according to a new annual report on the city’s rent control system.
The city is also showing modest gains in its rent-controlled housing supply. 70 apartments and houses in Santa Monica became subject to rent control in 2018, a little more than the number of rent-controlled units that were taken off the market through the Ellis Act, a state law that allows property owners to evict tenants if they want to exit the rental business. The Rent Control Board will discuss the report at its meeting Thursday.
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