Is it true that Long Beach is going to be a rent control city?
Well, possible and probably. The city council in June voted to enact a regular inspection of all rental properties in Long Beach on a rotating basis, like the City of LA does. There are many people who think that the natural next step, and they are already considering it, is to have rent control. The question is really: what will be the maximum increases (1%, 3% or?)? What size building will it apply to, only plexes or even rental houses? If you know someone who has rental property in Long Beach, make sure they follow this or they will get a nasty surprise.
The law was enacted in June, I received a letter that was written 9/2 post marked 9/6 received 9/8 for an inspection of all my units (14 of them) on 9/19. They are moving FAST and only giving 2 weeks’ notice. While I am confident everything will be up to snuff, inspectors with a $$$ agenda will certainly find something… Stay tuned for my update at the end of September on this one by going to my website, athenapaquette.com, and signing up for the Investors Corner.