What Is AB 1482 and What Does It Mean To You As A Landlord?
AB 1482 is basically Statewide Rent Control. The state would begin to regulate how much your rent can increase every year, limiting it to 5 percent (plus the local rate of inflation), up to a maximum of 10% a year while protecting tenants from orders to vacate without “just cause”. Meaning, a landlord can’t order renters following terms of their lease to move out unless the owner plans to move in, demolish, renovate the unit, or stop renting it out. Once signed, the measure would take effect on January 1, 2020 and remain active for a ten-year period, until 2030.
What types of buildings would be impacted?
Rent control would be applied mostly to apartments and other multi-family buildings—with some exceptions—along with some single-family homes.
Condos and single-family homes would be exempt unless owned by a corporation or real estate investment trust. Duplexes, where the owner lives in one of the units, would also be exempt.
AB 1482 would not apply to buildings constructed in the last decade but would cover units built in Los Angeles between 1978 and 2009, which are currently not rent-controlled.
The Governor still has not signed the bill, but he is expected to sign by October 13, 2019. Stay tuned for more updates or call us at 818-533-8326 (LA County), 909-353-4857 (Inland Empire), or toll free at 833-4BLU-DOT.