Even the renters can get in on benefits of the the housing prices when they get kicked to the curb to make way for condos. Sort of. Tenants are happy. Landlords are not so happy, given some inflammatory email we found in our inbox this morning. The L.A. City Council voted last night to increase benefits paid to tenants of condo conversions, something that really hasn't changed since 1987. For all of those curious would-be displaced tenants, the relocation fees are as follows:
· For tenants that have lived in their residence for less than three years, qualified tenants (senior, disabled, and families with minor children) will receive $14,850. All other tenants with less than three years tenancy will receive $6,810.
· For tenants that have lived in their residence for more than three years, qualified tenants will receive $17,080 and all other tenants will receive $9,040.
· For all tenants that earn less than 80% of the average income in the area, qualified tenants will receive $17,080 and all other tenants will receive $9,040.
Since we can’t afford to buy anything right now, we are going to hope and pray that our apartment goes condo.
· Tenant Relocation [Eric Garcetti's Blog]