Proposition 10: A Threat to All Property Owners and Investors
Market Update: The latest CRE news relevant to you
Major Growth Expected for Commercial Real Estate in CA
Great news! California’s commercial real estate market is booming up and up! A study by UCLA Anderson School of Management expects that multifamily construction will achieve a 25-year high in the next three years! Rents are expected to increase and vacancy will remain low, stimulating multifamily construction. 74 percent of multifamily developers surveyed have started new projects within past year, and even more have plans to develop in the next six months. As job growth continues in California, the outlook on multifamily housing remains high. Read more from BizJournals.com.
Legalizing “Bootlegged” Apartments
“Bootlegged” or illegal apartment units that have existed without city permits for years are soon on the way to becoming legal. Landlords and tenants alike are working together to open up the units to thousands of Angelenos in search of affordable housing. The units are often safe and habitable, yet go against city codes that mandate a minimum number of parking spots and limit the number of units on a lot. Read more at The Los Angeles Times.
New Legislation Affecting Residential and Commercial Landlords
California legislators recently passed AB2565, requiring all landlords to allow tenants to install electric vehicle charging stations. The bill, which took effect for residential leases started or renewed after July 1, states that tenants are responsible for all costs associated with the charging stations. However, the law does not apply to properties under rent control and if parking is not included in the original rental contract. For commercial properties, the law applies only to properties with more than 50 parking spaces. Read the bill in full at PropertyManager.com.
