21 Feb Los Angeles New Tenant Buyout Ordinance
On December 15, 2016 Mayor Eric Garcetti signed the Tenant Buyout Ordinance, combined with Rent Stabilization Ordinance, in effort to curb the housing affordability issues the city of Los Angeles is experiencing. Source: https://www.lamayor.org/mayor-garcetti-signs-tenant-buyout-ordinance. According to LAMayor.org, half of the families here in Los Angeles live in rent controlled apartments. This ordinance was built to strengthen renters’ rights by mandating apartment building owners and investors properly inform their tenants of their relocation rights in the event of a tenant buyout. Apartment building investors in Los Angeles will now be required to file buyout agreements with the City so that the city can monitor the agreements in addition the ordinance added that tenants have a 30 day period in which they can change their mind and withdraw from the agreement.
The Apartment Magazine also provides a great step-by-step guide to conduct a buyout. The magazine also states that aside from legal evictions, rent controlled tenants can’t be forced to move unless they have voluntarily agreed, aside of course from the Ellis Act.
Here are the summarize steps, below, please see more here: http://aptmags.com/magazines/20170203/ and here hcidla.lacity.org.
- Distribute buyout notification forms that outlines tenants rights
- File a copy of Disclosure Notice and Buyout Agreement with the HCIDLA within 60 days of the tenant signing the Buyout