The New York Times’ Renters article Los Angeles renters are being pushed out of their homes by the city’s rent control law, a move that critics say will hurt the city as it tries to compete for new businesses.
The legislation, which took effect Jan. 1, has forced more than 1 million households into the market, leaving them with the choice between paying rent, paying taxes or moving.
But the new law could end up hurting Los Angeles, which is trying to attract more tech startups, and also help the city become a more welcoming place to live.
“The whole rent control thing is not just bad policy; it’s bad business,” said Daniel Bielawski, director of the Center for Urban and Regional Policy at the City University of New York.
The Los Angeles Times found that the city now has more than 300,000 properties with no vacancy or rent control.
The law, which went into effect in January, was designed to prevent developers from foreclosing on empty buildings.
The law requires a 10 percent downpayment on rental properties, and the amount of money paid by landlords and tenants is capped at 30 percent of the market value.
The limit is about what many homeowners pay in taxes.
The government is also imposing a 25 percent down payment on all new developments in the city, and a 20 percent cap on how much rent a property can command.
The new law also has resulted in a huge increase in the number of households with no renters.
A citywide increase in those with no renter in 2015 was about 9,700.
The number of Los Angeles residents without a renter dropped by about 12,700 to 2.1 million, or 6 percent of all households, according to the Los Angeles Department of Housing and Community Development.
A full 2,700 families had no renters in 2015, or about 5 percent of Los Angelenos.
The Department of City Planning, which oversees the citywide rental program, estimates the law has pushed up the cost of housing by as much as $600 million a year in rent.
The department also says that the law requires developers to take a 15 percent down-payment on their new buildings, which in many cases is the lowest they can charge.
It is estimated that the $2.4 billion program has cost the city about $500 million a month in revenue, with a full $700 million going to the city from rents collected by the government.
The New York City Housing Authority estimated in January that it will spend $2 billion to cover the costs of its rent control program in 2019, with the city expecting another $1 billion by 2020.
Los Angeles County estimates that it costs the city an additional $1.5 billion a year, and that it would cost the county another $2 million a day to run its program.
The government has also increased its efforts to encourage businesses to rent, encouraging people to go to rent control events or attend online seminars.
It also has created a list of jobs for renter-friendly businesses, including restaurants and bars.
But many of those jobs have disappeared, as tenants and landlords have moved into rental units that are much cheaper to rent than the city has.
“You can’t get a new job, or you can’t rent, in LA,” said Chris Boczarski, president of the Los Angles Renters Association, a group that represents renters.
“It’s kind of a death spiral.”
The city has been hit particularly hard by the shortage of housing, said Michael Loughran, a real estate attorney who has represented many renters.
The city lost 2,000 to 2,400 rental units in the past two years, and now has nearly 2,100 vacant properties, he said.
The situation in the Los Angelas housing market is especially dire because rents have gone up, he added.
“The people who are struggling the most are people who’ve lost their jobs and are trying to get back on their feet.”
In Los Angeles in 2016, there were 1.1 rental units for every 1,000 households, but today that number is more than 5.
The city is now facing an estimated 1.3 rental units per 1,100 households.
In recent months, the Los Angels Housing Authority has been hiring to help keep the housing supply up, and has hired an extra 1,500 people to help with the process.
But the agency is struggling to keep up with the demand, and it is now hiring to make more apartments available for rent.
The administration has also announced a plan to buy all of the vacant units it has, and use the money to help the low-income population.
The L.A. Times is using a grant from the Rockefeller Foundation to pay for the renovation and refurbishment of one of the citys largest hotels, the Hyatt Regency at Westwood.
The hotel, which has about 7,500 rooms, was the largest hotel in Los Angeles until it closed in 2016.