Unless politicians strengthen emergency tenant protection laws to include forgiveness for back rent owed, experts and advocates warn that Los Angeles (and California) could see a huge surge in homelessness in the near future.
The problem is that renters are still responsible for rent missed during the COVID-19 emergency, as the laws are written right now in many jurisdictions. While they don't have to pay during the emergency, the clock for repayment — 12 months in the City of Los Angeles — begins ticking as soon as the emergency is over.
Read more about this on LAist.
Some groups and two L.A. City Councilmembers are pushing for full on rent forgiveness to help tenants in difficult situations. But what would this mean for landlords, who still have to pay maintenance costs, utility bills and potentially mortgages?
And what are the effects of current deferral policies and eviction moratoriums for “mom-and-pop” landlords? What about management groups? What might be the larger effect on housing and the economy? And is there a way to help both renters and landlords without asking either group to take it on the chin?
Today, we dive into what rent deferrals and potential rent forgiveness policies might mean for landlords, tenants and the rental market.
Plus, if you’re a landlord navigating managing your property and renters amidst shifting regulations and an uncertain economic future, we want to hear from you. Call us at 866-893-5722.
With files from LAist.
Guests:
Craig Mordoh, general counsel for the Apartment Association of Greater Los Angeles; he is also a sole practitioner based in Santa Monica, specializing in providing legal services to rental property owners
Adam Fowler, director of research with Beacon Economics, whose expertise includes Southern California’s housing market; he tweets
Carol Galante, faculty director of the Terner Center for Housing Innovation at UC Berkeley; she served as Assistant Secretary for Housing / Federal Housing Commissioner at the U.S. Department for Housing and Urban Development under President Obama; she tweets