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You only need to glance at our Absorption Rate Analysis chart for October to see it was a month that brought big changes. For as long as we’ve been officially tracking absorption rates, we’ve seen almost unanimous movement toward a seller’s market. But for the first time, we actually saw all areas except one drop toward a buyer’s market! And while most are still firmly i...
If the end of 2022 is anything to go by, it’s certainly a happy new year for those selling houses in Los Angeles. The absorption rates for each of our neighborhoods surged deeper into a sellers market in December with the exception of one. Some of those surges were negligible. But one neighborhood made the most aggressive jump we’ve ever seen since we started tracking absorption rat...
The city of Los Angeles continues its Covid-19 eviction protection saga this week. Yet, it will be Friday before the LA City Council’s vote reveals anything conclusive. For now, we can mull over a list of proposed regulations aimed at shielding tenants from repercussions for unpaid and underpaid rent. The proposals bring new hope for tenants still floundering in the aftermath of the globa...
It’s rare for a community to remain unchanged. In some places, the population grows substantially due to affordable housing. In others, high unemployment rates or other economic barriers lead to higher rates of vacancy. Regardless of the cause, most areas change substantially over time. When there are new obstacles or needs, rezoning allows for certain properties to be ...
Measure ULA, also known as the “Homelessness and Housing Solutions Tax,” was a ballot measure in Los Angeles which was recently approved by voters in the 2022 Los Angeles County Midterm Elections. Measure ULA will impose a new and additional transfer tax on real estate valued at more than $5 million. Although this tax is sometimes misleadingly advertised as a “mansion tax,&rdq...
Some are calling it the kind of relief one expects from a functioning first world government. Others are calling it an overreach that ignores the real solution. But no matter how you slice it, the Biden administration announced on Wednesday, January 25 its intention to establish a fledgling “renters bill of rights.” What does this mean? A diverse battery of renters rights applied at...
By Richard Lawson and Nicole Shih CoStar News January 29, 2023 | 5:33 P.M. Renters in many of the nation's most populous counties from New York to Florida to California face financial pressures with paying their rent. Monthly rent for a typical three-bedroom property consumes 30% or more of an average renter’s income in about 78% of the country's largest c...
Measure ULA, commonly known as the “mansion tax,” would impose a new “Homelessness and Housing Solutions Tax” on transfers of residential and commercial real property in the city of Los Angeles valued in excess of $5 million.The revenue raised by the new tax, expected to be between $600 million and $1.1 billion annually, is intended to be used to fund affordable housing ...
L.A.'s so-called mansion tax, a new levy on commercial and residential properties going into effect in April, faces a new challenge. A ballot initiative known as The Taxpayer Protection and Government Accountability Act, which proponents say would end the mansion tax and other similar measures, officially gathered enough signatures this month to be put up for a statewide vote i...
The city of Los Angeles is requiring residential landlords to pay relocation fees if they impose double-digit rent hikes, an increase that's unusually large for the market. The Los Angeles city council passed an ordinance this week making landlords pay a tenant three times the fair market rent for relocation help, plus $1,411 in moving costs, if a multifamily owner raises the rent by mor...
