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.
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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.
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