L.A. councilman wants to ban short-term leases in rent-controlled buildings [Los Angeles Times (CA)]
Expedia Group, Inc. (EXPE)
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Source: Los Angeles Times
L.A. councilman wants to ban short-term leases in rent-controlled buildings A Los Angeles councilman, concerned about the housing crisis, is trying to stop landlords from turning rent-controlled apartments into pricey furnished units for people who want a short-term lease. Councilman Mike Bonin submitted a motion Friday asking city officials to draft an ordinance requiring initial leases in rent-controlled buildings to last at least 12 months. This comes after the Los Angeles Times reported on the phenomenon — for example, highlighting a startup that partnered with a Hollywood landlord to turn a $1,800-a-month rent-controlled studio apartment into a $3,300-a-month furnished, extended-stay corporate rental. Housing advocates say the practice contributes to the affordable housing crisis by taking long-term homes off the market. But corporate housing companies say they provide needed temporary housing at cheaper rates than hotels. The corporate housing industry says demand is growing
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