Proposition 10: A Threat to All Property Owners and Investors
Ellis Act Evictions in Santa Monica:
Evictions under the Ellis Act are on the rise in Santa Monica. Last year, the number of units evicted nearly tripled over 2013 and landlord filings to withdraw properties from the rental market were up 75 percent. A report from the Santa Monica Rent Control Board published last month found that 40 percent of rent-controlled units exist in the north and east parts of the city, leaving downtown Santa Monica with only four percent of total rent-controlled units available. The rate of evictions is expected to continue to rise for 2015. Read more from CurbedLA.
Interest Rates on the Rise:
Officials remain divided on the decision of when to raise interest rates in 2015, according to recent meeting minutes in March. Interests rates have been held near zero since 2008, aiming to stimulate economic growth, but the campaign is soon coming to a close. Some officials say rates should be raised as early as June, while others point out that growth in the U.S. economy has slowed and a delayed rate hike is necessary. The rise is expected to be gradual, yet many investors, borrowers and consumers alike will be affected. Read more from The New York Times.
Koreatown Multifamily Development:
The dense neighborhood of Koreatown has recently become a residential hotspot with many new and revived developments underway. Development has reached all corners of the area, including adaptive reuse projects and ground-up construction. The neighborhood’s relative affordability, accesses to public transit, and hot nightlife options have drawn in the Millennial crowd. Read more from Urbanize.LA.