California has passed a new law allowing accessory dwelling units to be sold independently, similar to condominiums.This law permits cities to allow these transactions but does not make participation mandatory.
Recent implementations in LA, Concord, and nationwide by the Biden administration aim to cap rent hikes.Experts argue rent control doesn't improve affordability, leads to property neglect, and reduces rental housing supply.
Los Angeles County is considering a proposal to limit annual rent increases to 3% for pre-1995 buildings in unincorporated areas. Small property owners could face a 4% cap, whereas luxury units might see a 5% cap. The aim is to balance affordable housing needs and landlords' financial viability. Some have raised concerns about the impact on smaller property owners, while others warn against potential hardships from higher rent hikes. The… Read More »Los Angeles County Moves to Cap Rent Hikes at 3%
Demand for housing in California remains high, but new multifamily development plans have dropped significantly.Permits for new apartments in the first quarter of 2024 were the lowest since 2014, with only 8,972 units planned.
Average home price is ~$785K, reflecting the state's expensive real estate market. Requires ~$157K down payment, indicating significant upfront costs.
Approximately 2.5 billion Father's Day cards are sent each year. Neckties have become a popular traditional gift for Father's Day. "World's Greatest Dad" is a popular Father's Day phrase. Breakfast in bed is a common Father's Day treat. Wishing a fantastic Father's Day to all the dads who strive to be the best versions of themselves. To every father figure making a positive impact, Happy Father's Day!
Los Angeles County has revived the Rent Relief Program to help landlords and tenants struggling with pandemic-related debts. An additional $68 million in grant funding is available, with landlords potentially receiving up to $30,000 per rental unit. Priority will be given based on various factors, and applications must be submitted by June 4. Eligibility is determined by rental location and household income levels. Landlords who have previously received a grant… Read More »Los Angeles County Revives Rent Relief with $68 Million Aid for Landlords and Tenants Impacted by Pandemic Debts
Flag Day is the American flag's birthday party every June 14th! Flag Day was proclaimed in 1916 but officially recognized in 1949. Talk about a late celebration! Betsy Ross, a seamstress, sewed the first flag. Imagine if designers today made flag-inspired outfits!
Sharp increases in mortgage rates and home prices since the pandemic have driven up the income required to afford a home across the nation. California tops the list with the highest salary requirement for buying a median-priced home, at $197K annually.