ACTION Apartment Association

Santa Monica Real Estate Report – August 29th, 2022

08/29/2022 10:26 AM | Margaret Fulton (Administrator)

Property, Developments, and Listings on the Westside

Rent Control Adjustment Relief

08/29/2022 10:23 AM | Margaret Fulton (Administrator)

City of Santa Monica has developed a rent relief program - the Rent Control Adjustment Relief (RCAR) program.

More California cities enact rent control

08/28/2022 10:06 AM | Margaret Fulton (Administrator)

On Aug. 22, the Bell Gardens City Council voted unanimously to advance a rent stabilization ordinance that would limit annual rent increases to 50% of the local consumer price index, capping the hike at 4% even if the inflation rate is higher.

Last week, the Antioch City Council passed a similar rent control ordinance that caps annual rent increases in the Bay Area city at 60% of the CPI or 3% — whichever is less. On Aug. 1, Pomona's City Council set a rent cap at 4% or the change in CPI.

California lawmakers reach deal on housing production bills

08/27/2022 10:57 AM | Margaret Fulton (Administrator)

Facing a housing shortage in the nation’s most populous state, California’s legislative leaders on Thursday backed a pair of bills that would open up much of the state’s commercial land for residential development, bypassing some local zoning laws to replace shuttered shops with affordable apartments.

Council Approves Emergency Eviction Moratorium After Heated Debate

08/25/2022 8:37 AM | Margaret Fulton (Administrator)

Under an emergency ordinance approved by the City Council Tuesday, rent control tenants who receive a rent increase of more than 3 percent can defer their rent for up to five months.

While the ordinance only applies to tenants suffering from "financial stress" due to COVID, they can "self-certify" by stating they can't pay the rent, a contention they would then have to prove in court if evicted.

City Council Approves Temporary Eviction Moratorium

08/24/2022 12:31 PM | Margaret Fulton (Administrator)

At last night’s meeting, the Santa Monica City Council approved an emergency ordinance allowing a temporary eviction moratorium to take effect immediately for rents due September 1, 2022 for residential tenants in rent-controlled units. The moratorium is a measure to safeguard Santa Monica residents who may be unable to afford potential rent increases of up to 6% due to an increase in the maximum allowable rent (MAR) for rent-controlled housing.

California Legal Aid Providers Awarded $1.1 Million in Grants

08/24/2022 12:20 PM | Margaret Fulton (Administrator)

Legal Aid Foundation of Los Angeles (LAFLA) will receive $383,696

The Legal Services Corporation (LSC) announced last week that it is awarding more than $1.1 million in Pro Bono Innovation Fund grants to three California legal aid organizations. Inland Counties Legal Services (ICLS) will receive $435,404, Legal Aid Foundation of Los Angeles (LAFLA) will receive $383,696, and California Rural Legal Assistance (CRLA) will receive $367,167.

Relief Program for Rent Control Tenants Kicks Off Monday

08/24/2022 9:30 AM | Margaret Fulton (Administrator)

The City on Monday will begin accepting applications for a one-time program that will distribute $750,000 to low-income tenants unable to pay their upcoming rent increases.

The “Rent Control Adjustment Relief” (RCAR) program will give priority to "very-low- and extremely-low-income households" paying more than half of their income in rent, City officials said.

AND: https://www.santamonica.gov/press/2022/08/23/750-000-in-one-time-rent-relief-is-now-available-to-tenants-in-rent-controlled-apartments-

AND: https://www.smdp.com/rent-relief-program-opens-monday/220636

Start of Construction for The Laurel, a Santa Monica Supportive Housing Community

08/23/2022 9:17 AM | Margaret Fulton (Administrator)

Located at 1413 Michigan Avenue, the four-story building will comprise 57 studio apartments, reserved for individuals between 30% and 50% of area median income (AMI), as well as a manager’s unit. Residents will benefit from a laundry facility on each floor, a common area deck on the 3rd and 4th floor, 12 on grade parking spaces, and 800 square feet of community space for resident use.

New interest-free loan program launches in LA County to help prevent homelessness

08/23/2022 9:11 AM | Margaret Fulton (Administrator)

New assistance is available in LA County to people facing the prospect of losing their homes. The Short Term Eviction Prevention (STEP) Fund, a program funded by the nonprofit, 1p.org, is launching a pilot program to give out 1,000 micro loans of up to 2,500 dollars to individuals at risk of eviction or dealing with other housing-related challenges.

Adam Miller, the founder of the STEP Fund said he started the program in response to research showing that many people lose housing as the result of some type of financial shock.