LOS ANGELES (AP) - The cost of seismically retrofitting Los Angeles apartment buildings could be passed onto tenants under a proposal from a city council member.
The Los Angeles Times reports Saturday (https://lat.ms/1f9V5Ad) that Councilman Bernard Parks says he wants the city to explore giving apartment owners an exemption from the city’s rent control law to “incentivize retrofitting.”
Currently half the cost of major apartment rehabilitation projects can be passed through to tenants. The Times says Parks wants city staff to evaluate passing through all of the costs to tenants but do it “over a reasonable period of time.”
Many owners say they shouldn’t have to pay for expensive fixes on their own.
In San Francisco, owners are allowed to pass along the retrofit costs to tenants, even those on rent control, over a 20-year period.
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Information from: Los Angeles Times, https://www.latimes.com
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