Can We Have "Vacancy Rate" Check Before Any New Condos Are Built or Converted, As Per The Law?
With $1.5 million dollar condos popping up on Venice Beach, all over L.A. actually, like that new Universal housing project (see story below) and Councilmembers actually aksing for moritoriums in their districts on new condo conversions, how about a little vacancy rate check, y'all. Cause guess what. I keep reminding the mayor and Los Angeles City Council that there is a law in effect since 1981 which states you are not allowed to do any condo conversions in the City unless there is more than five percent vacancy rate in the district. And guess what: Throughout Mayor Villagrossa and City Council's luxury condo-conversion, special interest bonanza...The vacancy rate hasn't cracked a 3.9. So excuse me...why the hell are you on an obsessive-compulsive luxury condo-construction frenzy, when there obviously isn't market demand for this kind of housing?
Perhaps a little affordable housing for not only low income, but middle income households where you have BOTH mom and dad working too many hours away from home. (Partially due to extended commutes since they can't afford to live in the areas they work.) Like teachers, police, office workers, support staff, sales people...anyone who helps keep the City ticking for the rich people who are being overly-catered simply because of their ability to purchase a million dollar condo, and therefore allow money to be made of the construction and sale of the property.
BUT CHECK THIS OUT FROM DAILY NEWS, Y'ALL...
"Everything I've been reading, everything I've been hearing from Realtors suggests that the major shift in the local residential real estate market is over," association President Steve White said.
At the end of November, there were 6,092 properties listed for sale, up 47.1 percent from a year ago and a 5.9-month supply at the current sales pace.
That's down from a 7.1-month supply in October. The association considers a five- to six-month supply a balanced market.
Pending escrows also indicate that the market is moderating.
There were 1,037 escrows open at the end of last month, down 8.2 percent from a year ago and off 4.6 percent from October.
White also said a few sellers are getting multiple offers on properties that are reasonably priced.
"I talked to agents this week who were shocked to learn when they submitted an offer they had other buyers competing for the property," he said.
The condominium market also continued cooling last month as 21.3 percent fewer properties changed owners, than a year ago.
Total sales of houses and condominiums fell 22.2 percent.
"I think the message that is beginning to get to buyers is that if they can afford to wait and poke around, they can find somebody who really wants to move the house," Blake said.
SO STOP BUILDING SO MANY EXPENSIVE, HIGH-END, LUXURY CONDOS ALL ACROSS THE CITY AND START DOING THING THE WAY ZD HAS BEEN SAYING, WHICH IS THE LEGAL WAY, AND THE WAY IT IS WRITTEN IN THE CITY'S CHARTER SINCE 1981.
www.zumadogg.com
Perhaps a little affordable housing for not only low income, but middle income households where you have BOTH mom and dad working too many hours away from home. (Partially due to extended commutes since they can't afford to live in the areas they work.) Like teachers, police, office workers, support staff, sales people...anyone who helps keep the City ticking for the rich people who are being overly-catered simply because of their ability to purchase a million dollar condo, and therefore allow money to be made of the construction and sale of the property.
BUT CHECK THIS OUT FROM DAILY NEWS, Y'ALL...
"Everything I've been reading, everything I've been hearing from Realtors suggests that the major shift in the local residential real estate market is over," association President Steve White said.
At the end of November, there were 6,092 properties listed for sale, up 47.1 percent from a year ago and a 5.9-month supply at the current sales pace.
That's down from a 7.1-month supply in October. The association considers a five- to six-month supply a balanced market.
Pending escrows also indicate that the market is moderating.
There were 1,037 escrows open at the end of last month, down 8.2 percent from a year ago and off 4.6 percent from October.
White also said a few sellers are getting multiple offers on properties that are reasonably priced.
"I talked to agents this week who were shocked to learn when they submitted an offer they had other buyers competing for the property," he said.
The condominium market also continued cooling last month as 21.3 percent fewer properties changed owners, than a year ago.
Total sales of houses and condominiums fell 22.2 percent.
"I think the message that is beginning to get to buyers is that if they can afford to wait and poke around, they can find somebody who really wants to move the house," Blake said.
SO STOP BUILDING SO MANY EXPENSIVE, HIGH-END, LUXURY CONDOS ALL ACROSS THE CITY AND START DOING THING THE WAY ZD HAS BEEN SAYING, WHICH IS THE LEGAL WAY, AND THE WAY IT IS WRITTEN IN THE CITY'S CHARTER SINCE 1981.
www.zumadogg.com
Posted by Zuma Dogg @ 12/09/2006 02:40:00 AM
6 Comments:
Good post Zuma. Too bad you can't get paid for all your research. You brought back a supporter.
Read this:
L.A. Councilwoman Perry, husband owe $270,000 in back taxes
IF they keep building these condos LA will look like TJ with too many damn people. Too bad we can't do an across the board recall on all the idiots we have in city hall.
This is hilarious..more people should keep saying this out loud.
At last night's party at Cicada for estranged mayoral pal State Sen. Gilbert Cedillo Culture Clash's Montoya set tongues to wagging. I'm told he acknowledged ex-mayor Jim Hahn in the audience then quipped, "a man whose record as mayor is looking better and better every day!" Montoya spent the rest of the night assuring people it was a joke. Just like in "Water and Power" (which Montoya wrote too ) when a character quips of Villaraigosa, "Beneath the fancy suits beats the heart of a cholo that was kicked out of Cathedral High."
-Calling himself the "poster child" for affirmative action, Villaraigosa said all students who work hard and excel should be given a chance, just as he was when he was a student (Sac Bee, 1/25/99)
-“I had a 1.4 grade average. I had dropped out of school before that.” Antonio Villaraigosa (Daily News, 12/22/97)
LA Times article -
"Treasurer to lose his 9% pay raise - Larry Matheny (Ventura County Sup) is responsible for the oversight and management of public guardian issues, and he simply didn't do his job. It's inconsistent with good government to award a raise."
Does LA City Council pay raise come to mind here? All I see are committees that failed to resolve issues, meet goals and council members ignoring their communities in order to support special interest.
It should be mentioned that most of the problems with tenant's relocation rights is in Wendy Greuel's district. She is unhappy that she is getting bad public press on this, but sorry to say, that's where all the complaints are coming from. I know Wendy is 100% aware of all the concerns, but for some reason, she continues to be the biggest bulwark on City Council when it comes to so effectively stone-walling all these condo conversion issues.
Councilmember Wendy Greuel, please join your fellow Councilmembers who are finally moving ahead with plans to merely enforce existing law (regarding vacany rates relating to condo conversions) and condo conversion ordinaces, coming to a vote before year end recess. But please, do something. After all, you are an elected official to represent the constituents of your district. I'm not saying some special interest money can't roll into your coffers, somehow...but at least do something for the people who elected you to represent them. (You must have told them you were going to do SOMETHING?) Awesome, thanks Wendy!
ZD
This condo conversion is taking place because landlords can no longer afford to rent apartments for less than half of the market value. This condition was created by rent control put in place to keep rents down.
The only way to get market value from your property is to convert it to condos. You can't raise rents on these old buildings. Why should the landords subsidize the rents? If the city wants to prevent this type of conversions why doesn't it either revoke the rent control laws or give landlords a subsidy that makes up for the actual rent and the market value of the apartment.
It is not fair that landords have to subsidize rents.
Rent control is nothing more than socialism and time after time it has been shown that this type of socialism does not work. Just ask eastern europe.
If the rents were slowly allowed to reach market level lets say in a phased in manner, over five years this problem will go away.
I know some people will not be able to afford the new rent, but they should of either bought a condo when they were cheap or they can move to a place where the rents are cheaper. I assure you that if this was done the Valley and other locations with many apartments would get fixed up and a better class of people would move in.
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