Proposition 10: A Threat to All Property Owners and Investors
UCLA identifies properties at risk if an earthquake hits
As Azzi Advisors reported in November, conversations regarding retrofitting regulations have heated up. Los Angeles Mayor Eric Garcetti has called for an aggressive earthquake safety plan. Now, UCLA has released extensive data that pinpoints nearly 1,500 older concrete buildings throughout Los Angeles that are at risk of collapsing in the event of an earthquake. Some buildings, researches mentioned, may have been accidentally left off the list.
The buildings on the list are widespread: reaching from Mid-Wilshire and Downtown to Hollywood and further. Want to see if your property is on the list? Click here.
Although the City Council is in the midst of determining who will shoulder the cost of retrofits, many property owners are woozy at the thought of paying thousands of dollars to earthquake-proof older buildings. Some incentives have been discussed, such as tax deductions for property owners who invest in retrofitting, but many owners still have reason to be wary. If you own a soft-story building, it is important for you to understand your options before costly regulations are imposed on you.
