Quote:
Originally Posted by craigster59
A decorator I used to work with owned a 4 unit place in West Hollywood (rent control). He had a tenant in his 70's who had lived there since 1958. The guy was paying $450 a month on a unit that could have gone for $2,750 and the guy was a major PITA. Heck, he couldn't even write off the difference as a business loss. I think the guy finally died a few years ago.
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Prop 10 is gonna to fix that for the entire state. If that passes, the whole state is subjected to rent control and the icing on the cake is retroactive rent. That means the new tenant will pay the same, 450 bucks monthly and you can't raise rent to market rate. Maybe 3%. Yep, we are not business friendly, noe home home owner friendly.
2750 anywhere in West Hollywood is dirt cheap