Rental housing providers in Los Angeles County remain subject to limits on rent increases and restrictions on certain evictions following the vote by the county Board of Supervisors to extend wildfire-related price-gouging protections through March 29. The California Apartment Association warned the board it would oppose the measure absent a definitive phase-out timeline and a clear termination date.
In a Feb. 23 letter, CAA cited county vacancy rates above 5% and a softening rental market as evidence that the conditions that originally justified the emergency extensions no longer exist. “This emergency declaration was intended to be temporary,” CAA wrote. “Instead, it has become routine for emergency housing regulations to become indefinite.”
The extension, approved Tuesday, Feb. 24, continues rules under California’s anti-price gouging law and the county’s local ordinance that generally cap rent increases at no more than 10% above pre-emergency levels. The rules also prohibit landlords from evicting a residential tenant and re-renting the unit at a higher price during the protected period.
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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Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
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