In-Depth Analysis: Santa Monica RSO Update and New Laws Impacting Rental Property
January 31, 2023 @ 11:00 am - 12:00 pm
| Free for AAGLA MembersIn-Depth Analysis: Santa Monica RSO Update and New Laws Impacting Rental Property
Second in a series…Join us as we take a “deep dive” into everything Santa Monica and get updates on the city’s Rent Stabilization Ordinance, rent increases and how Maximum Allowable Rents (MAR) are impacted by the Adjusted General Adjustment, and new laws impacting the City’s housing providers such as Measure RC.
Santa Monica Rent Control was adopted by the City’s voters in April 1979 in response to a purported shortage of housing units, low vacancy rates, and rising rents. The law was intended to alleviate the housing shortage and to ensure that owners received no more than a fair return. Together, the Rent Control Board and the Rent Control Agency carry out the law’s basic goals, including:
- Controlling the rent that may be charged and providing remedies if excess rent is collected
- Determining the base amenities and services included in the rent and providing remedies for any reduction
- Limiting the grounds for eviction and removal of units from the rental market
- Ensuring rental-property owners a fair return
The Santa Monica Rent Control Board announced a September 2022 General Adjustment (GA) of 6.0% for eligible units, with an allowed maximum increase of just $140 for units with current maximum allowable rents of $2,325 and above. However, with Santa Monica voters’ passage of Measure RC in the November 2022 election, the Maximum Allowable Rents (MAR) for controlled rental units that were increased by the September 2022 GA will be reduced. Under Measure RC, which has many rental housing providers in the City confused, effective February 1, 2023, MARs that were originally increased by either 6% or the $140 maximum (for MARs of $2,325 or more) will be reduced to a 0.8% increase above the rent that was in effect on August 31, 2022, with a new maximum increase of $19. The alleged goal of Measure RC is to limit rent adjustments, averaged over a one-year period from September 2022 to August 2023, such that increases will result in an Adjusted General Adjustment of 3% or $70 monthly maximum increase for the period.
Joining us from the City of Santa Monica to explain how Measure RC is to be implemented and to update property owners on other new regulations is Daniel Costello is the manager of the Public Information Department at the Santa Monica Rent Control Agency. The discussion will be moderated by Daniel Yukelson, AAGLA’s Executive Director. After registering, participants can submit questions prior to the meeting so that we can tailor the discussion to your concerns. Additionally, there will be opportunities during the meeting to submit your questions live.
This will be a live, interactive, online learning session. Live Q&A will take place throughout the online seminar. Please join us for what will surely be an extremely informative and timely presentation.
Please log in to register. If you have any questions regarding this event, please contact Events Manager Diana Alcaraz via email at . For faster service, please have your membership number ready. We look forward to seeing you.
WARNING: 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.
About Our . . .
Panelist(s):
Daniel Costello, Manager, Public Information Department, City of Santa Monica Rent Control Agency
Daniel Costello is the Manager of the Public Information Department at the Santa Monica Rent Control Agency. In this role, he oversees a team of information coordinators and analysts who respond to more than 10,000 questions annually from landlords, tenants, and others about the City’s Rent Stabilization Ordinance. His department also oversees ownership and tenancy registrations, intake review of petitions for rent decrease and excess rent complaints, and monitoring of owner-occupied exempt properties. The Public Information Department also develops public education efforts including website content, newsletters, seminars, social media, and production of the Santa Monica Rent Control Agency’s annual report. Mr. Costello has been with Santa Monica Rent Control Agency for more than 15 years.
Moderator:
Daniel Yukelson, Executive Director, Apartment Association of Greater Los Angeles
Daniel Yukelson is currently the Executive Director of The Apartment Association of Greater Los Angeles (AAGLA). As Certified Public Accountant, Yukelson began his career at Ernst & Young, the global accounting firm, and since then had served in senior financial roles principally as Chief Financial Officer for various public, private and start-up companies. Prior to joining AAGLA, Yukelson served for 12 years as Chief Financial Officer for Premiere Radio Networks, now a subsidiary of I-Heart Media, and then 3 years as Chief Financial Officer for Oasis West Realty, the owner of the Beverly Hilton and Waldorf Astoria Beverly Hills where he was involved with the development and construction of the Waldorf. Yukelson also served for 6 years as a Planning Commissioner and for 3 years as a Public Works Commissioner for the City of Beverly Hills.
