LOS ANGELES – Amid ongoing debates over tenant protections, a motion to further amend the rent stabilization ordinance (RSO) is headed for a final vote before City Council today. While the measure is designed to help tenants, some small rental property owners say it fails to address the reality that they can no longer afford to operate under the current regulations.
According to author Councilmember Nithya Raman, this motion is meant to address an RSO formula that has not been updated in over 40 years. Raman claims the current RSO structure “leaves gaping holes that put an enormous burden on tenants.” But many local landlords are arguing the exact opposite-the regulations and adjustments for tenants put an increasing burden on them, forcing more and more to sell.
It’s important to note, these RSO rent regulations only apply to buildings built before 1978. While new landlords will have to follow these rules even under ownership transfers, they will not have to follow them if they plan to demolish and rebuild…