Quote:
Originally Posted by weatherguru18
I appreciate all the feedback guys. I’m going to fly out there, prolly next week or the week after and check out all the suggestions listed above.
When you say rent control, what does that mean exactly? Obviously I can put two and two together but why are some buildings under it and some aren’t?
|
I can't give you the detailed definition of rent control. Several decades ago the voters voted to restrict how much rent could be increased based on certain economic indicators. Those buildings that come under rent control is based on the date of contruction of the building. New buildings defined at the time of the rent control law set the date. Buildings beyond that date can have the rent increased whatever the market will allow
I just got my annual rent increase for my apartment in the Essex Fox Plaza this week. My rent increased by $35 a month. The longer a person lives in a rent controlled apartment the better the benefit is over time.
When an apartment becomes vacant the owner of the building can rent the property at market rate & the renter then comes under the rent control law. Think of it as insurance that your rent will not increase dramatically.