SB 466: New Bill to Expand State Rent Control Advances
SB 466: New Bill to Expand State Rent Control Voted Onto Senate Floor
On Tuesday, The Senate Judiciary Committee voted to make amendments and advance a new piece of legislation, SB 466, to the Senate Floor.
SB466 is an anti-housing rent control bill, which attacks the long-standing Costa-Hawkins Rental Housing Act, a state law that places limitations on local rent control laws. This new bill would pave the way for local governments to impose strict rent control on more rental housing, further exacerbating California's housing crises. Costa-Hawkins provides exemptions on local rent control on housing supply built after 1995, or even earlier in some cities, and it also exempts local rent control on all single family homes and condos.
SB466 would completely eliminate these important exemptions.
Even more importantly, without Costa-Hawkins in place, local governments could move to eliminate "vacancy decontrol" in the future, which is our right to reset rents to market value when tenants vacate.
This is a lousy bill that does nothing to solve our State's housing crises; it only harms our rental housing industry. I will keep you posted with further updates as the bill advances.
Weekly Market Activity – WeHo, Beverly Grove, Pico-Robertson, Fairfax, Mid-City
90019, 90035, 90036, 90046, 90048, 90069
4/21/23, Last 7 Days
New Listings:
1038 N Crescent Heights Blvd [90046] - 5 Units for $2.6M, $604/sf, 14.16 GRM, 4.79% Cap (1938)
1215 S Fairfax Ave [90019] - 12 Units for $3.3M, $384/sf, 3.28% Cap, 17.14 GRM, Seller Financing (1950)
1536 4th Ave [90019] - 4 Units for $1.9M, $452/sf, 4% Cap, 17.54 GRM (1921)
321 S Hamel Rd [90048] - 9 Units for $3.68M, $522/sf, 4.14% Cap, 15.6 GRM (1958)
New Closings:
1817 S Highland Ave [90019] - 6 Units for $1.69M, $485/sf, 13.07 GRM, 5.13% Cap (1947)
Considering offloading an apartment building, or curious about the value? You can request a complimentary valuation & intro call here.
Until next week... And as always, thank you for reading.
