Results for ‘Rent Control’ category

Why I intentionally have a bunch of vacant apartments

Right now, I have a bunch of apartments sitting vacant. That sounds crazy, right? After all, we are in the business of renting apartments. Having vacancies means we’re intentionally not maximizing revenue, which means a lower return to us and our investors. So what’s going on? Well, we bought a bunch of buildings a few years

Santa Monica’s dumb anti-AirBnB legislation

Am traveling right now (to attend my father’s retirement party – 43 years teaching at RPI!) so am going to keep this brief. Santa Monica is close to passing a law that would effectively ban sh0rt-term rentals where the owner of the property is not present. So, basically, you can rent out a room in

Rent control and slums

Spent a bunch of time recently talking to tenants in a 1920s building. They told the story of how their building turned into a slum. In a nutshell: The owner 30 years ago used to live in the building. He took a lot of pride in the building and fixed all problems immediately. Then he

Never Buy a Building with a Non-Conforming Unit

I was once in escrow to buy what I thought was a 16 unit building on Clinton St. in Echo Park, one unit in which was “non-conforming”. The owner had taken a common room and turned it into a studio apartment. The listing broker assured me that this was pretty normal in LA and, indeed,

Why Westlake Won’t Gentrify

Westlake won’t gentrify for three reasons: the housing stock, the density of apartments and rent control. Regarding the housing stock: Westlake is comprised mostly of apartment buildings built around 1920. Some 1920’s buildings are nice, with great lay-outs, beautiful details, and, in some case, parking. The buildings in MacArthur Park are not those kinds of

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