Santa Monica could halt the loss of its housing supply by prohibiting developers from replacing rent-controlled apartment buildings with single-family homes and small condominiums, according to a new City of Santa Monica report.

Developers are buying small rent-controlled buildings and making swift use of the Ellis Act, a 1985 state law that allows landlords to evict tenants if they want to get out of the rental business, to replace them with single-family homes, duplexes or triplexes, capitalizing on Santa Monica’s skyrocketing home prices and eroding the city’s housing stock.

Read More: https://www.smdp.com/one-of-the-trends-weve-seen-is-someone-knocking-down-a-four-unit-building-and-replacing-it-with-a-house/175888