For anyone here who spends time in the value add multifamily segment in California, are there any mechanisms available to landlords, outside of tenant buyouts, to vacate a property for the purpose of doing a full rehab and re-tenanting?
With AB1482, I had heard that there were "substantial renovation" loopholes which owners were using to legally empty out a building without having to issue massive relocation checks to the tenants.
Interesting bump
Are you talking about properties subject to statewide rent control or the more restrictive LA RSO?
I am referring to AB 1482. Los Angeles RSO, from what I have been told by numerous LA local landlords, is becoming almost impossible to generate value returns on unless you are a generational long term hold investor looking at 10+ year horizons.
Cash for keys is really the only tactic available. It’s also the generational friends and family capital w buy and hold strategies that do this. I’ve also seen S8 tenants get cycled around into renovated units to maximize their S8 w a new app (almost always gets approved bc improved living) and vacates units to be set to market post renovation.
Excepturi nisi dolorum recusandae ea aut atque. Et nesciunt iste praesentium placeat cumque quaerat dolorem. Ut sed vitae rerum sit hic possimus. Nisi et provident saepe fugiat fugiat officia necessitatibus. Consequatur molestiae at ad numquam aperiam cum. Soluta est ratione voluptatem corporis nam non ab.
Architecto consequatur modi et nam quam. Minima odio aspernatur id numquam harum. Temporibus vel omnis distinctio inventore repellendus eum. In unde ut voluptas et. Fuga aperiam autem culpa deserunt autem.
Placeat molestiae ut totam quam qui voluptates consectetur. Omnis aut cupiditate nobis. Qui adipisci facere id.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...