ACTION Apartment Association

Updated Santa Monica-Malibu School District Credit Ratings to Save Taxpayers $10 Million

09/04/2018 9:44 AM | Margaret Fulton (Administrator)

August 31, 2018 -- The Santa Monica-Malibu Unified School District got a boost from the nation's top credit agencies as it prepares to place a record $680 million in bonds on the November ballot, District officials announced Friday.

S & P Global upgraded the district's rating to ‘AA+’ on existing general obligation bonds, while Moody’s Investors Service affirmed it highest rating -- ‘Aaa’ -- for the second year in a row.

The new ratings are expected to save taxpayers nearly $10 million over the life of the bonds by lowering borrowing costs, District officials said.

Rent control is the surest way to stop new affordable housing

09/04/2018 9:32 AM | Margaret Fulton (Administrator)

For months, the city of Sacramento has been in the throes of a heated debate over the city’s affordable housing problem, its root cause and potential solutions – highlighted by two workshops arranged by the mayor.

At an initial session held Aug. 14, there was general agreement that the root cause is a lack of supply. There also was consensus about the remedy: Build more units, and faster,through new funding sources and incentives to attract private-sector investment.

What went glaringly unsaid is that the surest way to kill new investment in affordable housing is to impose an artificial rent cap on the market, even a temporary one.

Read more here: https://www.sacbee.com/opinion/op-ed/soapbox/article217648110.html#storylink=cpy

Californians — resist the rent-control temptation

09/04/2018 9:19 AM | Margaret Fulton (Administrator)

Opinion

But as tempting as it is simply to use price regulation to clamp down on housing costs, it’s a temptation voters should resist.

In the run-up to the Nov. 6 election, voters will hear what have already become familiar arguments: The surest route to lower housing costs is increased housing supply. Private owners should not be asked to provide what amounts to a subsidy. For those unconvinced, however, it’s worth looking at rent control through another lens — how it actually works.

Ode to the Future of My City

08/31/2018 1:31 PM | Margaret Fulton (Administrator)

SM a.r.t.

I continue to wander and ask -is our quality of life and beachfront environment improving, is Santa Monica flourishing or floundering?

Residents want responsible growth. The business community wants unbridled growth and has successfully commandeered Council, city commissions, and staff.

How did this happen – City Council of amateurs, Commissions riddled with political appointments, and a relatively incompetent, overpaid staff? An audit committee disbanded while council approves public restrooms costing $5,000 a square foot – kid you not! A city hall annex costing an extra $80 million including financing –three times what it should cost! And the range of problems continue unabated – rents, home prices, crime, homelessness, traffic, city budget, infrastructure, empty storefronts.

Two Housing Bills Sponsored by Santa Monica Lawmaker Approved by State Assembly

08/31/2018 1:26 PM | Margaret Fulton (Administrator)

Two housing bills sponsored by Santa Monica Assemblyman Richard Bloom were approved by the State Assembly on Thursday.

One bill (AB 2797) addresses inconsistencies in the application of housing density bonuses on the coast; the other (AB 1771) reforms the process for determining and apportioning regional housing needs.

Wall Street already jittery about possible expansion of rent control in California

08/31/2018 1:19 PM | Margaret Fulton (Administrator)

The mere possibility that California’s ban on rent control could be repealed is making Wall Street investors and landlords jittery.

Earlier this month, analysts from SunTrust downgraded Equity Residential (NYSE: EQR) from "buy" to "hold" based in part on Proposition 10, a California ballot initiative that would give cities more leeway to adopt rent new control policies. Close to half of Equity Residential’s portfolio is in California and there is “essentially nothing priced into the stock” to address the uncertainty, according to the SunTrust report.

Bed Bugs, an Itching Legal Subject for CA Landlords

08/31/2018 1:12 PM | Margaret Fulton (Administrator)

An Inglewood family sued their landlord, Amusement Six Apartments, for breach of warranty of habitability, emotional distress, negligence, and breach of contract after they didn't sleep tight.

I'm So Ashamed of My City Council

08/31/2018 1:06 PM | Margaret Fulton (Administrator)

Armen Melkonians

Read his letter to Residocracy: Armen Melkonians.pdf

Court Declares that Landlords Can’t Circumvent Rent Limits by Charging Extra for Water

08/30/2018 11:46 AM | Margaret Fulton (Administrator)

The Santa Monica Rent Control Board has definitively established that landlords can’t exceed rent limits by engaging in Ratio Utility Billing Systems, or “RUBS.” Unlike those who use individual meters or submeters, landlords who use RUBS don’t charge tenants for their actual utility use. Instead, they divide a building’s master-metered water bill by the number of units. These landlords then pass that bill on to their tenants on a pro rata basis—resulting in a charge that may bear no relation at all to the amount of the utility that any individual tenant actually uses.

Action Apartment Association sued the Board, asking the court to rule that landlords may charge tenants as much as they like using RUBS because, the Association argued, a RUBS charge isn’t “rent,” and is therefore not subject to rent limits.

Top Voting Demographics Expert Advised City, Activists on Santa Monica Redistricting

08/29/2018 11:25 AM | Margaret Fulton (Administrator)

August 28, 2018 -- An expert in California voting demographics authored a report for Santa Monica officials and also advised neighborhood activists on redistricting during a voting rights lawsui against the City.

The City Attorney's chief of staff George Cardona testified Tuesday that Karin MacDonald, a census expert at UC Berkeley, conducted a study for the City after the lawsuit was filed, according to plaintiff attorney Kevin Shenkman.

MacDonald would later advise two neighborhood activists who support the cause of the Latino plaintiffs on how Santa Monica could be redistricted, according to a document filed with the court.

Plaintiffs in the voting rights lawsuit claim MacDonald's report warned the City Council before it embarked on the expensive lawsuit that there was a pattern of polarized voting in Santa Monica