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Rent control report highlights value of long-term occupancy

03/14/2019 10:00 AM | Margaret Fulton (Administrator)

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.

Read More: https://www.smdp.com/santa-monica-news-real-estate/173368

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