FINALLY - A light at the end of the tunnel! I am happy to share that after more than two years, the LA City Council voted to end eviction protections by February 2023. For those of you who have tenants taking advantage of the moratorium (myself included), we've been waiting for this day to come!
Beginning in February 2023, landlords of property subject to the CITY OF LA RENT CONTROL will be able to evict tenants for non-payment, unauthorized pets, and residents. However,
Tenants who missed payments from March 2020 - September 2021 will have until August 2023 to pay back missed rent.
Tenants who missed payments from October 2021 - February 2023 will have until February 2024 to pay back missed rent.
You can read more about it HERE - Also, as of now rent increases for City of LA Rent Controlled units can resume in February 2024.
If your property is in the COUNTY OF LA (and not the city), the eviction moratorium will be phased out by the end of 2022. The LA County Board of Supervisors voted in September to officially end the moratorium on December 31, 2022. Read that article HERE.
I expect to see more clarity published online soon related to other important covid protections such as the Ellis Act and no-fault evictions so that owners can strategize on how to move forward with their properties. This will re-open possibilities like converting small buildings to TICs (Tenants in Common), which usually utilize the Ellis Act to relocate tenants so the units can be remodeled and then sold individually - similar to a condo. This increases your buyer pool and allows Buyers to potentially pay more for a property because they are using a different formula to evaluate what they can afford to pay. I have sold apartment buildings in the past where the TIC buyer had the highest price and terms.
I am excited about what this means for landlords and appreciate all of you who have been making your voice heard. I encourage you to stay vocal and active, and check in with landlord groups like AAGLA and the AOA, as there are other items coming up on the ballot (not to mention the Mayoral race) that are very important to income property owners.
If you have questions or concerns about how the moratorium being lifted will affect the value of your property or your ability to sell/buy in the near future, or if you need referrals for eviction attorneys - don't hesitate to call me at (310) 562-9630!