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Everything You Ever Wanted to Know About A.B. 1482: The New Statewide Rent Control and Tenant Protection Law

via aptmags.com The New Statewide Rent Control and Tenant Protection Law Despite the overwhelming voter turnout against 2018’s Proposition 10, Assembly Bill 1482 was passed by the State’s Legislature and became effective as of January 1, 2020. This new law imposes statewide rent “caps” and just-cause eviction rules throughout the State of California. During this webinar, we will cover what this law means for rental housing providers, including the imposed rent “caps,” just-cause eviction rules, exemptions from the law’s rent regulations and tenant protection rules, “at-fault” and “no-fault” tenant evictions, required relocation payments, and required new disclosures. While the law is relatively new and certain issues were not fully addressed and explained by the Legislature, this presentation will provide a well-needed overview of this complicated and often confusing new law, and its restrictions and requirements. Read more..

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Do Rent and Eviction Moratoriums Violate Landlords’ Constitutional Rights Under the Contract Clause?

via aoausa.com You might be surprised to learn that the U.S and California Constitutions both contain clauses that unequivocally prohibit and law - whether state, local or administrative - from "impairing" contract rights between two parties. This clause is called "Contract Clause," and it is supposed to protect contract rights - including in private contracts - like, for example, lease agreements. read more..

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Prop 15 Could Dramatically Change Property Tax Collections for CRE

By Kelsi Maree Borland via GlobeSt.com It has officially arrived—the final language on the split-roll tax ballot measure that has been expected and dreaded among California property owners. Prop 15, as it has been called, would remove the property tax limitation protections promised by Prop 13 for commercial properties, effectively splitting the tax roll. The prop was expected, but an official ballot number and clarity give more information about the measure. “A passing of Proposition 15 would eliminate Proposition 13 protection from apartments, office, industrial and retail properties,” Vicky Hammond, a principal at Coreland Cos., tells GlobeSt.com. “It would ‘split’ commercial and residential tax policies, requiring reassessment of all commercial properties at current market value every three years. Currently, property tax rates are established at 1% of purchase price when sold and restricted to no more than 2% annually thereafter.” In addition, the final ballot measure came with a few new positions. It adds a tax to commercial and industrial properties used for education and includes a local government funding initiative. “Most notably, the burden of proof, which was initially in the hands of the assessor, has been reversed,” says Hammond. “Now the burden will be in the hands of the property owner, making it incredibly difficult to challenge an unfair assessment. To prevent being taxed at a higher value, the owner would have to prove that its property has not increased in value.” Read more..

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Top Tax Secrets For The Successful Apartment Owner/Investor with Robert Hall & Associates – Thursday July 30 at 11am

via Robert Hall & Associates Tax Consultants Learn how to save on your State and Federal taxes by one of the leading tax experts, Tony Watson of Robert Hall & Associates, CPAs. Taking this webinar will teach you to avoid the major tax pitfalls and mistakes and how you can save money on YOUR taxes and continue to build wealth and retirement security as quickly as possible. During this presentation, Tony Watson, an Enrolled Agent with Robert Hall & Associates, will explain to you the tricks and secrets you can use to avoid paying too much in taxes. Learn how to protect your wealth, how to avoid costly tax mistakes, and learn the leading tax avoidance strategies all in compliance with the law. Whether you are an investor, agent, or lender, you will be able to use this important information to maximize your returns on your real estate investments and potentially save thousands of dollars on your taxes well into the next decade! Discussion Topics Include: The Top-5 deductions to take on a tax return The most audited deduction and how to best document to avoid costly penalties and interest In-state vs out-of-state: what's the best tax strategy for YOU? The differences between an LLC, a trust and an insurance policy Changes in the tax code for 2020: what's new and how to react before it is too late? The Automobile Quandary: lease or buy? Who qualifies as a real estate professional? and much more, including Q&A to follow the presentation! Read more..

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L.A. Rents Down .8% in First Half of 2020

By Kelsi Maree Borland via globest.com

Los Angeles rents have fallen slightly but not significantly since the start of the year, according to a new report from Apartment List.

Los Angeles rents have decreased .8% in the first half of the year, according to a new report from Apartment List. Los Angeles rents have been stagnant since last year, so it is not surprising to see a nominal decrease due to the pandemic; however, this data includes the spring rental season, which usually helps to fuel annual rent growth. As a result, rent growth for the city could be down more significantly for 2020 with slower leasing activity expected in the second half of the year. Read more..

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How Retail Leases Will Change in a Post-COVID World

by Kelsi Maree Borland via globest.com In the post-COVID world, retail leases will need to change and adapt. Several provisions will need to be changed and added to account for the possibility of a pandemic and the mandated shuttering of businesses. This includes adjustments to force majeure and insurance provisions as well as use of common areas, common area caps, alterations, and rules and regulations, all of which should be adjusted to reflect the new market. read more..

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Eviction Moratorium Extended to September 30 for Residential and August 31 for Some Commercial Tenants

via santamonica.gov SANTA MONICA, Calif. – The City of Santa Monica today issued two updates to its local emergency declaration for the novel coronavirus (COVID-19) extending the eviction moratorium for residential tenants and some commercial tenants, and further clarifying requirements for face coverings. “As COVID-19 continues to spread, impacting the livelihoods of our community members and small businesses, we continue to extend our local eviction moratorium to keep people in their homes or tenancy,” said Interim City Manager Lane Dilg. “Please wear a face covering at all times and do not gather with people outside of your household.” Under a twenty-second supplement, Santa Monica’s eviction moratorium is extended to September 30, 2020 for residential tenants in alignment with state law. The extension is to August 31, 2020 for commercial tenants defined as commercial tenant 1s in the fifth revised first supplement, as explained in this June 17 press release. A revised twentieth supplement clarifies the requirement that everyone engaging in outside activities (walking, jogging, biking, etc.) must wear a face covering, or have one ready to be immediately put on, whenever they approach within 30 feet of another person outside of their household. For questions about the City’s eviction moratorium, please visit santamonica.gov/coronavirus, or call the City’s hotline at (310) 458-8400 or email info@santamonica.gov.

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CITY OF BEVERLY HILLS UPDATES REGULATIONS RELATED TO TEMPORARY COMMERCIAL TENANT EVICTION MORATORIUM

via BeverlyHills.org Beverly Hills, CA – The Beverly Hills City Council has approved an updated Urgency Ordinance related to the temporary moratorium on commercial tenant evictions. In response to the COVID-19 pandemic, the Beverly Hills City Council declared a local emergency on March 15, 2020 that imposed a temporary moratorium on evictions of residential and commercial tenants. On June 19, 2020 the City Council updated the ordinance specific to Commercial Tenants. The updated ordinance establishes terms for both Small Commercial Tenants and Large Commercial Tenants regarding the non-payment of rent and the repayment period for deferred rent. read more..

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LA County Approves $30M In Rent Relief And Extended Eviction Ban

via Patch.com The Los Angeles County Board of Supervisors voted Tuesday to use $30 million in coronavirus aid to help renters affected by the pandemic. LOS ANGELES, CA — The Los Angeles County Board of Supervisors voted Tuesday to spend up to $30 million on rent relief and extended a local moratorium on evictions to July 31. A motion co-authored by Supervisors Sheila Kuehl and Mark Ridley- Thomas originally recommended pulling up to $20 million in funding earmarked for affordable housing for a new rent relief program. That would have required relaxing a rule set by the board in 2015 that requires at least 75% of $100 million set aside for the Affordable Housing Programs Budget Unit be spent on new housing or renovations. Supervisor Janice Hahn asked that the motion be amended to raise the amount to $30 million and to draw the money from coronavirus relief funds instead. Kuehl and Ridley-Thomas -- who accepted the "friendly" amendment -- highlighted the risk of a significant uptick in homelessness due to the coronavirus pandemic. Read more..

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Landlords sue California over eviction ban

via TheRealDeal.com Lawsuit accuses California Judicial Council of overreaching Two landlords have filed a lawsuit against the California Judicial Council, the state court’s rulemaking body, hoping to end the state’s eviction suspension amid the coronavirus pandemic. “The rule creates the perverse incentive for all tenants, whether they face financial hardship or not, to refuse to pay their rent during the crisis,” reads the lawsuit filed by the libertarian leaning Pacific Legal Foundation. “And it immunizes from eviction tenants who create nuisances, damage property, conduct illegal activity, or violate lease terms.” Read More..

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