Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

News

Adam Schiff: Save Affordable Housing With A New Tax Break For Owners

5e507488b555c5000abe2970-eight.jpg
Rep. Adam Schiff talks with Assemblymember Laura Friedman at the Coronel Apartments in East Hollywood on Feb. 21, 2020. (Caroline Champlin/LAist)
LAist relies on your reader support.
Your tax-deductible gift today powers our reporters and keeps us independent. We rely on you, our reader, not paywalls to stay funded because we believe important news and information should be freely accessible to all.

U.S. Rep. Adam Schiff (D-Burbank) has a plan to stem the rapid loss of L.A.'s affordable housing: offer a tax break to building owners if they sell to someone who will keep the housing affordable. Schiff is in Hollywood today to promote the bill.

The Affordable and Homeless Housing Incentives Act would exempt building owners from having to pay capital gains tax if they sell to an affordable housing operator, like the government or a nonprofit. Property owners would also have to reinvest the proceeds in another property within three years.

The new housing operator would then have to agree to use the property as affordable housing for low-income families, or as a shelter, for at least 30 years.

L.A.'s housing department has estimated that 11,771 units are at risk of converting from affordable to market-rate rents in coming years. Schiff's bill is designed to help affordable housing operators compete for property in tight markets like L.A.

Support for LAist comes from

Schiff convened a roundtable on Friday to get feedback on the bill from local legislators, developers and residents. He also planned to tour the Coronel Apartments, recently-opened affordable housing units in East Hollywood.

READ MORE:

Affordable and Homeless Housing Incentives Act (1-pager)

Can LA Save Affordable Housing Through Eminent Domain? (LAist)

This Vietnamese Grandmother Went From Chinatown To Brentwood Looking For The Landlord Trying to Evict Her (LAist)

Support for LAist comes from

How California's Housing Crisis Turned Into A Homeless Crisis (LAist)