ACTION Apartment Association

Santa Monica Is Third Least Affordable City for Home Buyers

05/24/2023 8:48 AM | Margaret Fulton (Administrator)

Santa Monica is the third least affordable city in the country to buy a home, according to an analysis of 300 U.S. cities by WalletHub released Tuesday.

The site analyzed cities by size based on ten key metrics that ranged from the costs of homes and their maintenance to tax rates and homeowners insurance costs, according to the financial website.

Santa Monica housing provider expands into Venice

05/23/2023 10:50 AM | Margaret Fulton (Administrator)

Barauskas said when she came onboard at CCSM about seven years ago, her intention was always to expand to other areas of the Westside, noting that housing is expensive all over the region, and not just in Santa Monica, where CCSM had been exclusively focused up to that point. “I asked the board, ‘If you’re interested in expanding, then I’d like the job.’ And it’s worked out really well. So that was kind of my pitch.”

Breakdown Of Santa Monica’s Proposed Biennial Budget

05/23/2023 10:47 AM | Margaret Fulton (Administrator)

The council’s meeting on Tuesday will begin the discussion process leading up to the budget’s adoption in June. A public hearing on June 27 will be held for public comment, making revisions, and adopting the first year and approving the second year of the budget.

Here is a breakdown of the proposed biennial budget:

Supreme Court Sets Date for Oral Arguments in Voting Rights Case

05/23/2023 10:29 AM | Margaret Fulton (Administrator)

"To be argued on Tuesday, June 27, 2023, at 9:00 am," the schedule reads. The oral argument session "will be conducted with all justices and counsel participating remotely."

Within 90 days of oral arguments, the court files its written opinion, which becomes final 30 days after filing, unless there is a rehearing or the court modifies its decision.

Proposed budget restores almost 70 positions to City hall

05/22/2023 10:44 AM | Margaret Fulton (Administrator)

Santa Monica’s upcoming budget picture moves from barely in the black to slighly in the red over the next five year, call it an ash grey to watermelon transition by fiscal year 2027/28.

The Citywide proposed Biennial Budget is $740.9 million in FY 2023-24 and $746.4 million in FY 2024-25 and council will hear an update on its fiscal projections at Tuesday’s meeting.

This is Santa Monica’s Vacancy Rate

05/22/2023 8:11 AM | Margaret Fulton (Administrator)

The City of Santa Monica saw an incremental decrease in its total population along with an uptick in total housing units at the start of 2023 compared with 2022, according to data released by the California Department of Finance.

Los Angeles Councilwoman targets “vanlord” industry

05/19/2023 9:29 AM | Margaret Fulton (Administrator)

Venice Councilwoman Traci Park is taking action to address the growing concern about “van lords” who rent out RVs to people experiencing homelessness in Los Angeles.

Park presented a motion on Tuesday seeking to tighten regulations on RV sales and leasing in public rights-of-way that would try to limit the number of vehicles on local streets.

While Santa Monica has a longstanding prohibition against public camping that includes living in vehicles, the van rental business has been a problem in Venice for years.

Say NO to Expanded Rent Control in California

05/18/2023 9:44 AM | Margaret Fulton (Administrator)

Senate Bill 466 by Sen. Aisha Wahab would enable cities and counties in California to impose rent control on newer properties, eroding the exemption for housing constructed before 1995 under the landmark Costa-Hawkins Rental Housing Act.

While anticipated amendments to the bill are expected to continue to exempt single-family homes and condominiums under Costa-Hawkins, SB 466 would still dismantle essential aspects of California’s foremost rental housing-protection law. It's critical to make your voice heard: Ask your legislator to vote against this bill when it comes up for a vote.

Real Estate Transfer: Baby Boomers Secure Generational Wealth by Transferring Property to Children

05/18/2023 9:42 AM | Margaret Fulton (Administrator)

Much of that fortune is in real estate, and boomers can use their properties to secure their wealth for posterity — but they have to do it right.

“Individuals with accumulated wealth often consider how best to transfer that wealth to their loved ones — and how to preserve and grow value for future generations,” said Melissa Goikhman, a New York City-based estate planning attorney and founder of Legacy Wealth Counsel. “This is where estate planning and intergenerational wealth planning meet.”

Population decrease and housing increase drive local vacancy rate to 10%

05/16/2023 7:32 AM | Margaret Fulton (Administrator)

Santa Monica’s total vacancy rate, including single family homes and multi-unit housing could be as high as 10 percent according to new data released by the State of California Department of Finance this week.