Los Angeles leaders have relied on different strategies for slowing the growth in housing prices — limits on rent hikes in older buildings, new restrictions on Airbnb and incentives for developers who build affordable housing. Now, City Councilman Gil Cedillo has another idea for keeping rents low in his district: Force a landlord in Chinatown to sell its building to the city. Cedillo said the strategy is needed to keep 59 units of affordable housing inside the building, known as Hillside Villa, from switching over to market rate prices. Advertisement“We will use all of the resources of the city, both legal and fiscal, to protect these tenants,” he said. As part of the deal, the city also would have provided $7.3 million to cover the difference, the councilman’s aides said.

Source: Los Angeles Times February 03, 2020 21:45 UTC