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2025-01-15 -Signs, Portents, and the Weather-

LA Landlords Hike Rent As Much As 124% As Fires Force Thousands To Flee

[ZERO] Landlords in fire-stricken Los Angeles are jacking rents in violation of California law as thousands of residents seek shelter due to multiple fires burning in the area.

A search of local listings by several outlets reveal several landlords who have raised prices by as much as 124%, flouting a state law that prohibits rent hikes in excess of 10% after a state of emergency has been declared.

California’s state of emergency, declared by Gov. Gavin Newsom on Tuesday, bans price gouging for a range of goods and services, including rental housing. That means any rent increase above 10 percent since the start of the state of emergency is illegal for the duration of the crisis.

But since Tuesday, some landlords and their agents have raised prices by more than what California law allows. These price increases come as hundreds, if not thousands, of displaced Los Angeles residents search for interim housing while they figure out their next steps, worsening an already tight rental housing market in the region. -NY Times

One five-bedroom rental in Santa Monica which listed for $12,500 in February 2024 was going for $28,000 per month, an increase of 124%, before it was pulled from the market on Sunday according to Inside Edition's Lisa Guerrero.

Posted by Besoeker 2025-01-15 13:28|| || Front Page|| [11150 views ] Top

#1 Meh. The iron law of supply and demand states that if the rents can’t go up, then application fees and bribes will go up unti a balance point is reached for the new conditions. Exactly the kind of problem they have in New York City. The other piece being people moving to where the total cost of housing is affordable, and most never returning.

Posted by trailing wife 2025-01-15 14:36|| 2025-01-15 14:36|| Front Page Top

#2 Adam Smith invisible hand, telling you to move on.

Posted by Procopius2k 2025-01-15 16:39|| 2025-01-15 16:39|| Front Page Top

#3 I am predicting lots of orders placed for hits by rich demoncrats who have lost their homes. If I was a democratic politician in California who had acted inline with the idiots who created this mess I would be actively creating a new identity in some country far far from the USA. Along with an Exit Stage Left.

Posted by 3dc 2025-01-15 16:44|| 2025-01-15 16:44|| Front Page Top

#4 Exit Stage Left

Posted by 3dc 2025-01-15 16:46|| 2025-01-15 16:46|| Front Page Top

#5 Of course he is inserting himself, and of course that was his proposal.

TW dropping knowledge on me about price fixing.

Posted by swksvolFF 2025-01-15 20:06|| 2025-01-15 20:06|| Front Page Top

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