LA Metropolis Council Calls For Giant Enterprise Landowners Tax – NBC Los Angeles

Los Angeles City Council decided on Friday to impose taxes on landlords of large corporations and support bills that use their income to rent, provide legal services to prevent peasant evictions and help the homeless. Was over.

"There are currently 500,000 properties owned by companies in California and more than 250,000 properties are owned by companies that own 10 other properties," said a resolution introduced by Councilor Monica Rodriguez. Said. “Increasing research shows that large corporate landlords are getting available apartments, increasing rents, evicting tenants and renting out units with habitability problems compared to small landlords. It suggests that it probably works. "

California State Parliament Act 1199 “imposes an annual excise tax on landlords who own 10 or more single-family homes or 25 or more single and multi-family homes to prevent further integration and commercialization of single-family homes. Create opportunities for families to buy homes, build wealth, and finance basic services. "

The tax revenue is paid to the Homes for Families Fund and used for the following purposes:

  • Rent support and tenant relief.
  • Legal services to protect landlords from eviction, harassment and breaking the law.
  • Services and programs for people experiencing the homeless.
  • Affordable home preservation and production.
  • Housing advice to promote home ownership.
  • Vocational training course;
  • Assistance for landlords who have lost rental income to less than 10 properties owned by COVID-19.

The bill also requires the registration of all companies, limited companies, limited partnerships, trusts, and similar entities that own California real estate that was rented or leased in the previous calendar year.

The information is organized in a searchable database for public access.

“As many of us have seen during the recession in the last bubble, we have many private property transfers through the acquisition of business owners and many residents, tenants more. We have lost access to affordable housing, but more importantly, it creates huge wealth transfers. "

"This is our chance to increase the transparency of ownership of these assets as this scale of asset transfers cannot continue."

The resolution was passed with 14 votes in favor and one vote absent.

LA City Council Requests A Landowners Tax – NBC Los Angeles Source link LA City Council Requests A Landowners Tax – NBC Los Angeles