“Restrictive rent control does not work,” Leslie Hope stated definitively. “Look at Santa Monica, West Hollywood, even San Francisco or New York City…. Rent control has not had the desired effect of keeping rental prices down. Those areas are the most expensive places to live in the country!” When asked what she would do should the so-called “Affordable Housing Act,” otherwise known as Proposition 10, pass this November, Leslie did not shy away from her only option—She would sell her rental housing property. “Let me put it this way, Prop. 10 would put me out of business,” she said bluntly.
Specifying how Proposition 10 would put her out of business, Ms. Hope says it boils down to rising costs. “Have you been to Home Depot recently?” She asks, “Costs have certainly shot up. Even my plumber, his rate has gone up. Over the past ten years, everyone’s’ costs have increased, and with stringent rent control, the property owner takes the hit.” Leslie’s two duplexes located in the West Adams area of Los Angeles were a mess when she acquired them nearly forty years ago. Her extraordinary personality shines through as she recalls the process of piecing them back together. When prompted, she’ll discuss at length the beautiful relationships she’s cultivated with the tenants who call her units “home.” All things considered, Leslie’s desire to preserve the rental housing properties she’s owned for nearly four decades does not outweigh the costs that Proposition 10 would incur.
“Another thing,” Ms. Hope said, introducing a new thought: “If Prop. 10 passes, landlords are going to increase the maximum allowable amount of rent every year. Rents will go up and landlords will only want tenants with the highest income. Now, you tell me, how will that help people looking for affordable housing?” Leslie, aware of the fact that there is a housing crisis, knows better than to assign blame to property owners. “There are checks and balances in place for landlords,” she says in a firm tone. “As landlords, our rental properties are subject to inspection. If you don’t keep your property up, your building goes into REAP,” referring to The Rent Escrow Account Program. “Beyond that,” she continued, “Tenants have phone numbers they can call to report code violations. Why do we need more restrictions?”
The ever-increasing regulations levied on multifamily rental housing providers in the state of California leave the majority of, if not all, property owners perplexed and frustrated. In a constantly evolving industry, Leslie Hope is grateful for the services provided to her through the Apartment Association of Greater Los Angeles for the last thirty-five years. “The member support team has saved me on countless occasions from doing something wrong… If you want to stay clear of problems, call them for advice!” A familiar face at Apartment Association events and seminars, Ms. Hope notes that her membership with the Apartment Association has played a crucial role in keeping her investments protected.
An illustration of her generosity and sense of civic duty, Leslie has been contributing regularly to the fight against Proposition 10: “I have been donating to AAGLA’s political action committee every single month,” she says, not to boast, rather to specify how serious she takes this matter. “If people on both sides of the issue don’t take this threat seriously, they will live to regret it. Proposition 10 only exacerbates the problem we’re in.”
To join Leslie Hope in donating to the fight against Prop. 10, please mail your contribution to:
Issues Political Action Committee of AAGLA
c/o Reed & Davidson, LLP
515 South Figueroa St. Suite 1110
Los Angeles, CA 90071-3301
Attn. C. Davidson, Treasurer