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Strict Rent Control Likely Coming to New Apartments
March 27, 2018
And that would mean vacancy control. Vacancy control means that even if a tenant moves out the rent cannot be raised on a new tenant. And the permitted annual increases are so small as to be meaningless. Thus the new apartment buildings going up today will rapidly become worthless.
Fool them twice, shame on them. There won’t be a third time.
Should Costa Hawkins be repealed the city will impose vacancy control on new-build apartments and thus no new apartments will be built in Santa Monica -- ever. They will only ever, ever build condos. They won’t be tricked a third time.
It is okay for the city to put new-build apartments under normal rent control, but vacancy control is lethal to buildings both old and new. They will all get torn down and replaced with condos.
And good luck finding an apartment to rent at any price.
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