Now that California has adopted the nation’s most sweeping statewide tenant protections, it’s time to fix the root cause of our housing crisis – a chronic lack of supply, said Tom Bannon, chief executive officer of the California Apartment Association. Gov. Gavin Newsom today signed Assembly Bill 1482, making California the second state in the union to impose a statewide cap on annual rent increases. The legislation was framed as an anti-gouging measure targeting the most egregious rent hikes, such as increases of 50% to 75% on existing tenants. The California Apartment Association, which opposes rent control, took a neutral position after… Read More
The city of Long Beach this month updated its land-use policies, allowing higher-density housing to be built in certain areas of the city. The changes come through an updated land-use element, which the City Council approved on March 6 following a long and contentious meeting. The land-use element, or LUE, is part of the city’s General Plan, a development and planning document required by the state. The city last updated the LUE in 1989, and since then, Long Beach has added over 44,000 residents. Housing construction has not kept up with demand, with only one housing unit added for every… Read More
Home to Hollywood, fame and fashion, Los Angeles nurtures a culture of cool. But as the sun beats down on L.A., the city’s countless rooftops also emit oven-like heat. A law taking effect Oct. 1 seeks to change that. Under changes to the Los Angeles Green Building code, new homes in the city — including rentals — must have so-called “cool roofs.” Los Angeles is the first major city with this requirement. These roofs use materials that reflect sunlight, helping buildings be more than 50 degrees cooler on the surface. During a hot day, the roofing can lower a building’s… Read More
In his housing predictions for 2014, Trulia’s chief economist forecasts declining supply and demand for single-family rentals and the opposite for multifamily rentals in urban areas. “Ironically, economic recovery means that the overall homeownership rate will probably decline, as some young adults form their own households as renters,” writes Jed Kolko on the Trulia blog. “Still, the shift in rental activity from suburban single-family to urban apartments would be yet another sign of housing recovery.”
With an influx of apartments coming on line in the Bay Area, it begs the question: Can the now-insatiable demand for rental housing keep pace? Or — it’s OK to wince — will tens of thousands of new units glut the market? Industry leaders addressed this question at Marcus & Millichap’s Multifamily Bay Area Forum. Read about it in this article in the San Jose Business Journal.
Landlords, cross your fingers that job growth will keep fueling demand for apartments, especially in San Jose, where rent prices jumped 6.7 percent in the second quarter. That $134 rent spike followed a surge in San Jose’s workforce. Last year, the city added 34,200 jobs, with an estimated 27,500 more on the way, reports RealFacts, citing a study by Marcus & Millichap. Read this RealFacts article for the national perspective on rent growth, plus predictions on whether rent prices will continue climbing as more apartments come on line.
E&S Ring Management has won approval to build a mixed-use development in Pleasanton that will boast nearly 350 apartment units and almost 40,000 square feet of retail. The approval can by the unanimous vote of the Planning Commission on July 10, according to this article in the Contra Costa Times. The development will stand on 16 acres at Stanley Boulevard and Bernal Avenue. “I’m thrilled we’re at this point,” Commission Chairwoman Jennifer Pearce said, according to The Times. “This is a great use for this site. The architect has stepped up, and it looks great.”
Construction is wrapping up at The Paseos at Magnolia, a luxury apartment community in Riverside. Western National, a member of the California Apartment Association, will manage the 168-unit community. Construction of the 11-building community, designed by KTGY Group Inc., is expected to conclude this fall. Read more details about The Paseos in this article at MHNonline.
The Clovis Chamber of Commerce hosted a ribbon cutting for The Fountains at Alluvial, a community for those 55 and older. Manco Abbott, a local property management company and CAA member, manages the complex. Distinguished guests at the May 30 event included Mayor Pro Tem Nathan Magsig and Ben Bergquam, representing Assemblyman Jim Patterson and Sen. Tom Berryhill. In addition, Bergquam presented a certificate of recognition to Adam Goldfarb, vice president/multifamily for Manco Abbott. Patterson and Berryhill signed the certificate. The community offers one-, two- and three-bedroom luxury apartments ranging from 900 to 2,026 square feet. Complex amenities include a… Read More