A California Assembly bill to limit allowable rent increases and expand rent control to housing types that are currently exempt has failed to advance in committee, halting the measure for this legislative session, the California Apartment Association (CAA) reported. The bill by Assembly member Ash Kalra (D-San Jose) fell short of the votes necessary to advance out of the Assembly Judiciary Committee, which Kalra chairs.
Assembly Bill 1157 would lower the statewide rent cap to 2% plus inflation, capped at 5%, expand rent control to single-family homes, condominiums, accessory dwelling units and individually owned townhomes, and eliminate the 2030 sunset date in the California Tenant Protection Act, passed as AB 1482 in 2019.
CAA opposed the legislation. During committee hearings last year, CAA cited research from the California Legislative Analyst’s Office and academic institutions showing that strict rent control policies reduce housing availability and discourage new construction
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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