ACTION Apartment Association

Santa Monica Families Earning Upwards of $190,000 Can Qualify for Mortgage Relief

06/20/2022 10:05 AM | Margaret Fulton (Administrator)

Under the program, administered by the California Housing Finance Agency Homeowner Relief Corporation, eligible homeowners could receive up to $20,000 to cover past-due property tax payments.

There is no cost to apply, and the funds never have to be paid back.

Affordable housing in California now routinely tops $1 million per apartment to build

06/20/2022 9:36 AM | Margaret Fulton (Administrator)

he seven subsidized housing developments, all in Northern California, received state funding within the last two years and are under construction or close to breaking ground. When completed, they will provide homes for more than 600 families.

But their exorbitant price tags mean that taxpayers are subsidizing fewer apartments than they otherwise could while waiting lists of renters needing affordable housing continue to grow.

The Cost of Rent Control

06/17/2022 9:09 AM | Margaret Fulton (Administrator)

by John Stossel

Whenever rent control is imposed, the supply of rental housing declines. Lots of studies show that.

But the activists don't want to hear it.

Mayor's Tax Measure Appears Headed for Ballot

06/17/2022 8:46 AM | Margaret Fulton (Administrator)

The City Council Tuesday night voted unanimously to direct staff to conduct an analysis of the measure, which would charge a real estate transfer tax of $53 per $1,000 on properties valued at $8 million or more.

After reviewing the report, the Council must determine whether to approve Himmelrich's tax measure, which is not likely, or place it on the November ballot, which the Council must do if the measure qualifies.

Rent Board Approves Biggest Increase in Four Decades

06/17/2022 8:44 AM | Margaret Fulton (Administrator)

The increase -- which goes into effect September 1 -- is based on the percentage increase in the Consumer Price Index for the LA region, which was 6.4 percent but capped at 6 percent by a 1990 Charter amendment.

While the Board had no choice but to impose the rent hike -- which has a ceiling of $140 that applies to rents of $2,340 or more -- it chose to also increase the annual registration fee for landlords, who can pass on half of that amount to tenants.

LA voters to consider tax on property sales over $5 million

06/16/2022 12:07 PM | Margaret Fulton (Administrator)

Following a successful petition by a coalition of labor unions and other organizations, and a 14-0 city council decision Wednesday, Los Angeles voters in November will consider a ballot measure that would create a tax on multimillion-dollar property sales to fund solutions to homelessness, including permanent housing.

Rent Control Board reluctantly passes historically high annual rent adjustment

06/15/2022 11:32 AM | Margaret Fulton (Administrator)

During a June 9 meeting, Board Commissioners said they were aware of the pressure this will put on rent controlled tenants, many of whom have fixed incomes based on disability or social security payments. However, Commissioners do not have the ability to enact a lower annual adjustment as it is determined by a calculation based on inflation levels.

City Council Approves Emergency Ordinance to Limit Outdoor Watering

06/15/2022 11:27 AM | Margaret Fulton (Administrator)

Santa Monica City Council unanimously approved Santa Monica’s Emergency Water Conservation Ordinance to implement Phase 2 Outdoor Watering Restrictions, limit outdoor watering to two days per week, and prohibit watering between 9 a.m. and 5 p.m. in response to on-going drought conditions across the State of California. The new restrictions will go into effect on July 5, 2022.

Dueling Letters Offer Two Takes on Mayor's Transfer Tax

06/15/2022 11:18 AM | Margaret Fulton (Administrator)

One of the letters -- both of which are dated June 5 -- is from former Mayor Dennis Zane, a close adviser and former campaign manager for the mayor, who is widely viewed as representing Santa Monica's political establishment.

The other is written by Marc L. Verville, a relative newcomer to Santa Monica's political scene whose expertise in finance recently earned him a seat on the City's Audit Subcommittee.

Marc Verville's Rebuttal to Denny Zane

06/15/2022 11:13 AM | Margaret Fulton (Administrator)

by Marc L. Verville, member of the Santa Monica Audit Subcommittee who served as Vice President of Finance and Business Analysis at Warner Bros. before his retirement.

To be clear, the Himmelrich tax proposal’s rate is 804% (5.71% ÷ 0.71%) of the existing tax and is a 704% (5.00% ÷ 0.71%) increase over the existing tax, which is less than 1 percentage point. The Himmelrich proposal would increase the transfer tax at the threshold $8 million level to 5.71% from the current 0.71%, on the entire transaction value. That is the basic math that seems to elude both Mr. Zane and Ms. Himmelrich.