Preservation

Preservation

In Los Angeles, over 600,000 units are preserved affordable through the Rent Stabilization Ordinance – meaning as long as tenants do not leave, the rent will be subject to rent control, which keeps units affordable.

Between 2019 and 2023, more than 10,000 affordable units across Los Angeles will convert to market rates as their 30-year affordability covenants expire, threatening to displace more tenants and set back progress. While new construction is important, preserving the City’s already-existing affordable housing stock is equally important – given current construction prices, it is cheaper to save an already-affordable housing development than to build a new one from the ground up.

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NOTEWORTHY MENTIONS

Understanding Affordable Housing Types: https://planning.lacity.org/sites/default/files/inline-files/FinalBoards-English%20%281%29.pdf#page=9

HCIDLA Preservation Pilot – NOAH – https://hcidla.lacity.org/new-initiatives

HCIDLA: A new state law became effective on January 1, 2020, which extended rent stabilization to units in buildings that are more than 15 years old and are not subject to the RSO. https://planning.lacity.org/sites/default/files/inline-files/FinalBoards-English%20%281%29.pdf

At-risk tenant database – Housing + Community Investment Department is currently building an online inventory of all non-subsidized affordable units to provide a single platform for tenants to apply

SOURCES

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