Santa Monica RSO Update and New Laws Impacting Rental Property

In-Depth Analysis: Santa Monica RSO Update and New Laws Impacting Rental Property

Second in a series – Join us for a “deep dive” into everything Santa Monica and receive updates on the City’s Rent Stabilization Ordinance, how rent increases and Maximum Allowable Rents (MAR) are impacted by the Adjusted General Adjustment, and how new measures like Measure RC will affect housing providers.

Background:

Santa Monica Rent Control was adopted by the City's voters in April 1979 in response to a shortage of housing units, low vacancy rates, and rising rents. The law was intended to alleviate the housing shortage and ensure that owners receive no more than a fair return. The Rent Control Board and Agency are responsible for carrying out this law's goals:

• Controlling the rent that may be charged and providing remedies for excess rent collection
• Determining base amenities and services and providing remedies for reduction
• Limiting grounds for eviction and removal of units from the rental market
• Ensuring owners receive a fair return

The Santa Monica Rent Control Board announced a General Adjustment of 6.0% in September 2022, with a cap of $140 for units with MARs of $2,325 or more. However, with the passage of Measure RC in November 2022, effective February 1, 2023, these MARs will be reduced to a 0.8% increase above the August 31, 2022 rent, with a maximum of $19. Measure RC intends to average a 3% increase or $70 monthly cap over one year.

Joining us from the City of Santa Monica to explain how Measure RC is being implemented and to provide updates on new regulations is Daniel Costello, Manager of the Public Information Department at the Santa Monica Rent Control Agency.

This will be a live, interactive, online learning session. Live Q&A will take place throughout the seminar. After registering, participants can submit questions in advance or during the session. Please join us for what is sure to be an extremely informative and timely presentation.

If you have questions, please contact Events Manager Diana Alcaraz at diana@aagla.org. For faster service, please have your membership number ready. We look forward to seeing you.

THE INFORMATION PROVIDED DURING THIS WEBINAR IS FOR GENERAL INFORMATION PURPOSES ONLY. ABSOLUTELY NO LEGAL OR TAX ADVICE IS BEING GIVEN DURING THIS WEBINAR. BEAR IN MIND THAT EVERY SITUATION IS UNIQUE, AND THE LAWS, RULES AND REGULATIONS ARE SUBJECT TO CHANGE AT ANY TIME. SO, BEFORE ACTING, BE SURE TO OBTAIN TAX AND/OR LEGAL ADVICE FROM A LICENSED PROFESSIONAL.

Panelist(s):

Daniel Costello, Manager, Public Information Department, City of Santa Monica Rent Control Agency
Daniel oversees a team that responds to over 10,000 inquiries annually from landlords, tenants, and other stakeholders regarding Santa Monica’s Rent Stabilization Ordinance. His department also manages registrations, petition intake, and public education efforts, including newsletters, seminars, social media, and the annual report. He has been with the agency for over 15 years.

Moderator:

Daniel Yukelson, Executive Director, Apartment Association of Greater Los Angeles
Daniel Yukelson is a CPA and former CFO for Premiere Radio Networks and Oasis West Realty. He has served as a Planning and Public Works Commissioner for the City of Beverly Hills and currently leads AAGLA as Executive Director.

Webinar Registration Ticket

Price: Member Ticket – $0.00
Expires: January 31, 2023

Invited Guest Organization:

City of Santa Monica