... Bad for renters.Regarding the May 22 condo conversions Generally stated, a condo conversion is a process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individual for sale units. article (that focused in part on the pending conversion of a Valley Village apartment complex to condos): The Valley Village homeowner association recently reviewed a proposed 55-unit condo project to replace the 24 rent-controlled units cited in the recent Business Journal article. The apartments will be destroyed as the consequence of the state Ellis Act, which allows landowners to go out of the rental business as soon as an apartment building escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. closes. Of course the apartment building is a loser for someone who overpays the market to build speculative replacement condos. The article implied the new owner was one of those beleaguered be·lea·guer tr.v. be·lea·guered, be·lea·guer·ing, be·lea·guers 1. To harass; beset: We are beleaguered by problems. 2. To surround with troops; besiege. long-time landlords scraping (1) Extracting data from output intended for the screen or printer rather than from original files or databases. For example, Web pages formatted in HTML are often scraped. by on rent-controlled income. Recent publicity has shed much-needed light on the growing loss of affordable rental housing including the 11,000 affordable rental units lost to condo-mania in L.A. as the consequences of the Ellis Act abuses and loopholes. Our state legislators need to face up to the consequences of Ellis in this time-of extreme housing crisis and repeal it. It's literally a destructive law. Tom Paterson Tom Paterson is a Scottish comic artist who drew characters for Fleetway in 1973-1990, and D.C Thomson from 1986-onwards. He is famous for drawing comics such as: Fleetway
Chairman, Land Use Committee Valley Village Homeowners Association |
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