ACTION Apartment Association

Council Set to Fill Newly Created Tax Advisory Committee

05/05/2023 8:50 AM | Margaret Fulton (Administrator)

Five applicants are vying to sit on a newly formed committee that will advise the City Council on how to use more than $4 million a year to fund "on-going urgent community priorities."

The funds are generated by Measure CS, a bed tax hike overwhelmingly approved by local voters in November that will provide revenues targeted to enhance public safety and address homelessness.

Grant Funding on Tuesday's Agenda

05/04/2023 10:30 AM | Margaret Fulton (Administrator)

The City Council on Tuesday is expected to give the go-ahead to seek a $5 million housing grant from the State and to hand out more than $10 million in human services grants.

The City received a total of 31 program proposals that totaled $11.6 million and has $10,146,000 in funding available for the upcoming four-year cycle that ends in June 2027, according to City staff.

California’s next housing crackdown could force cities to plan more homeless shelters

05/02/2023 1:52 PM | Margaret Fulton (Administrator)

A bill working its way through the Legislature could change that, and potentially lead to sanctions against local governments that fail to plan for the needs of homeless Californians.

Senate Bill 7 would — for the first time — require cities and counties to plan enough beds for everyone living without a place to call home.

Cash-Strapped City Faces Record Pension Deficit

05/02/2023 1:41 PM | Margaret Fulton (Administrator)

The City of Santa Monica is facing an unfunded pension liability of nearly half a billion dollars as it struggles to recover from the coronavirus shutdown and pay a $122.5 million settlement approved by the City Council last week.

Los Angeles rents declined during March

05/01/2023 8:34 AM | Margaret Fulton (Administrator)

The real estate website, which evaluated prices in Los Angeles, Long Beach and Anaheim, also found rent prices in the area had dipped approximately 0.9% from February to March. San Francisco, Riverside-San Bernardino and Sacramento also saw rent decreases ranging from .8% to 5.3%, according to the website.

Rent cap provision cut from tenant protection law

05/01/2023 8:33 AM | Margaret Fulton (Administrator)

The Senate Judiciary Committee held a recent hearing and voted 9-2 to advance the bill. However, that move was contingent on removing a rent cap decrease. The law, SB 567 authored by state Sen. Maria Elena Durazo, originally aimed to lower California’s maximum annual rent cap increase from 10% or 5% plus inflation to 5% or the simple inflation increase.

Santa Monica Rents Rise for 2nd Straight Month

04/28/2023 10:41 AM | Margaret Fulton (Administrator)

The median rent in Santa Monica increased 0.8 percent in April, marking the second straight monthly rise after dropping for half a year, according to Apartment List's latest monthly report released Thursday.

The increase was higher than the 0.5 increase nationwide, which has seen rents growing slower than usual as the busy rental season picks up, the report said.

Single family homes that are used as rentals will not be subject to rent control

04/27/2023 12:03 PM | Margaret Fulton (Administrator)

Santa Monica’s Rent Control Board took a stance on several proposed laws last week backing measures that would allow tenants to relocate, expand rent control to newly constructed buildings and facilitate payments to landlords who are making their buildings earthquake safe.

During the most recent Rent Control Board meeting, all members expressed their support for the consideration of resolution AB 1620, which would require landlords statewide to permit permanently disabled tenants who live upstairs to move downstairs for simplicity’s sake. It would in fact be the first change to the Costa-Hawkins Rental Housing Act in 28 years, something Chair Anatasia Foster noted would be “historic.”

Santa Monica Rent Control Releases Annual Report

04/27/2023 11:41 AM | Margaret Fulton (Administrator)

Insights from the report reveal a shifting and more costly local rental housing market. Rents for new tenancies saw a downward trend during the pandemic and are now showing increases. For 1- and 2-bedroom units, which make-up 82 percent of the controlled housing stock, median rents for new tenancies rose 8.7 percent and 13 percent respectively, as compared to a year earlier. The median starting rent for a 1-bedroom unit increased $200 to $2,500, and the median starting rent for a 2-bedroom unit rose nearly $400 to $3,400. Record high starting rents were set for all unit sizes in 2022 except 3-bedroom and larger units, which were only higher in 2020.

Council Poised to Set Aside 3 More Properties for Affordable Housing

04/27/2023 11:00 AM | Margaret Fulton (Administrator)

The three properties at 1444 7th Street, 1654 19th Street and the Expo lot parcels are among 24 City owned properties earmarked for 100 percent affordable housing development in the City's Housing Element.

The property on 7th Street -- that was the site of the 11,362-square-foot Fire Station station built in 1955 -- allow for a building height up to 84 feet, with an additional 10 feet if the housing development is 100 percent affordable.