Say hello to Los Angeles Municipal Code Section 12.95.2(F)(6). For some of you, it will be your friend. For others, it will make your lives miserable. The City Council adopted a motion yesterday asking the Planning Department to report back in 45 days with a plan to implement the Code Section as a way to stop condo conversions in the City.
According to Los Angeles Muncipal Code Section 12.95.2(F)(6), the Planning Deparment has the ability to deny a condominum conversion if the Vacancy rate is lower that 5 percent for a Planning area, and the cumulative effect on the rental housing market in a Planning area is signficant.Essentially, its a way to create a moratorium Citywide. According to the motion "the current gross occupancy rate for the second quarter of 2006 for the Los Angeles area is 97.3 percent overall, while ranking at 98.2 percent in Intown Los Angeles, 97.8 percent in Hollywood, 97.4 percent in West Los Angeles, 97.8 percent in the San Fernando Valley, and 97.9 percent in East Los Angeles respectively." So for those of you fearing that you'll be tossed out of your rent-controlled apartment, have no fear, the moratorium is near.