Is LA taking This Rent Control Thing A Little Too Far?

Today’s News Synopsis:

Eminent domain in the name of affordable housing?  Mortgage maturity volume for both commercial and multifamily properties are expected to increase by 48% this year.  If you are holding out to buy until house prices drop, you may be waiting longer than you think.

In The News:

Reason “L.A. Politicians Want To Seize Private Apartment Building to Prevent Rent Increases” (2-10-2020)

“Los Angeles politicians will make housing affordable, by force if necessary.  On Friday, City Councilmember Gil Cedillo introduced a motion that asks city staff to draft plans for using eminent domain to seize Hillside Villa Apartments, a 124-unit, privately-owned development in the city’s Chinatown neighborhood to avoid rent increases at the property.”

Mortgage Bankers Association “Commercial and Multifamily Mortgage Maturity Volumes to Increase 48 Percent in 2020” (2-10-2020)

“$163.2 billion of the $2.2 trillion (7 percent) of outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2020, a 48 percent increase from the $110.5 billion that matured in 2019.”

Redfin “Migrants Out of Expensive West Coast Metros Flocked to Portland, Oregon in Q4” (2-10-2020)

“Meanwhile, affordable stalwarts Phoenix, Sacramento, Las Vegas and Atlanta continued to dominate the list of the top migration destinations.”

MarketWatch “Are you waiting for house prices to drop during the next recession?  Why you could have a very long wait” (2-10-2020)

“It’s unclear when the next recession will come. But a recent report argues that when it does the U.S. housing market is unlikely to adversely affected in any major way.”

Apartment Therapy “3 Reasons Why Railroad Railroad-Style Apartments Are Actually Great, According to Real Estate Agents” (2-10-2020)

“There are certain unpleasant things all New Yorkers put up with in exchange for living in the city they love—massive street rats, unbearable traffic, and insane rent prices, to name a few.” “Is Temporary Wallpaper as Easy as It Seems?  A DIY Reality Check” (2-10-2020)

“Not just for Grandma’s house, wallpaper is making a big comeback. One problem: Putting up wallpaper is quite the task. And removing the stuff is a whole different headache! The solution? Temporary wallpaper. ”

HousingWire “Homesnap’s new platform guesses when people will move” (2-10-2020)

“Homesnap has a new service that crunches data to show which homes in a neighborhood are the most likely to be listed for sale in the next 12 months.”

CNBC “Why FICO’s new scoring model may not mean much for consumers” (2-10-2020)

“Every so often, a new credit scoring model hits the market — such as the recently announced FICO 10 — and consumers are told their score may change.”


California Real Estate Investor Events

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with LA South REIA TONIGHT.

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with OC FIBI on Tuesday, March 3.

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.


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