You’re likely familiar with the federal tax reform law enacted in 2017. After all, it reduced tax rates for businesses and individuals, increased the standard deduction and family tax credits, and limited deductions for state and local income taxes and property taxes, among other things. However, you may not be familiar with a particular provision of that law, and related IRS guidance, that provides an opportunity specific to rental real estate businesses.
The California Apartment Association is calling on its members to speak out against a package of landlord-tenant proposals that would bring rent and eviction controls to the city of Concord. CAA asks that rental housing providers speak out at the Concord City Council meeting on Wednesday, June 19, and email council members today. At Wednesday’s meeting, the council will vote on the following: “Just cause” eviction ordinance: limits your ability to regain possession of your property or evict problem tenants. Tenant relocation fee: a forced payment to the tenant of up to three times the market rent if you don’t renew a lease. Binding arbitration: a mandatory requirement for you to justify rent… Read More
As expected, the Long Beach City Council on Tuesday formalized its approval of an ordinance that will effectively cap rent increases at 10% on the city’s older apartment buildings and limit the ability of landlords to terminate tenancies. Approval of the second reading came on a 6-3 vote, the same as with last month’s first reading.
A referendum filed with the support of the California Apartment Association, Contra Costa, will prevent El Cerrito’s “just cause” for eviction ordinance from taking effect next week. Working with hundreds of local property owners, the business community, real estate leaders and concerned citizens, CAA submitted a petition on behalf of local residents with at least 2,159 signatures to El Cerrito’s city clerk, considerably more than the 1,631 valid voter signatures needed to qualify the referendum.
Culver City is about to become the latest Southern California community to weigh rent control policies. On Monday, June 24, the City Council is scheduled to discuss a possible freeze on rent increases. In preparation, the California Apartment Association and the Apartment Association of Greater Los Angeles are holding a joint town hall discussion, Thursday, June 20. Members of both associations are invited to participate in the gathering, which starts at 6 p.m. at the Culver City Rotary Plaza. “Housing providers must come together to get informed and become organized,” said Fred Sutton, CAA vice president of public affairs. “Learn… Read More
A statewide rent control measure targeted for 2020 would likely drive rental units from the market, decrease apartment property values, and possibly diminish annual tax revenues by tens of millions of dollars or more. Those were some of the predictions this week from California’s Legislative Analyst’s Office. The nonpartisan fiscal and policy adviser published an analysis Monday of the potential impacts of Michael Weinstein’s Rental Affordability Act, or as some are calling it, Proposition 10 2.0. The proposition is Weinstein’s latest attempt to return extreme forms of rent control to California through the statewide initiative process. Weinstein’s previous bid for radical rent control — Proposition 10 — failed miserably at the polls this past November. The proposed statewide ballot measure would allow cities and counties to… Read More