The L.A. City Council just approved a new law that puts a one-year moritorium on banks evicting tenants when they foreclose apartment buildings and houses used as rental properties. The law was proposed after Countrywide pressured tenants in foreclosed apartments to leave their units in violation of L.A.'s tenant protection rules (which, yes, are labyrinth, but generally give tenants 60 days to vacate. Most people, including L.A. landlords, agree this is fair). Apparently, the law was proposed after the banks complained that they did not understand that tenant protections applied to them. Well, of course the poor banks didn't understand. Why, oh why, should normal laws EVER apply to the banks?
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Showing posts with label the poor hapless banks. Show all posts
Showing posts with label the poor hapless banks. Show all posts
Thursday, December 18, 2008
Moritorium on evictions following foreclosures
The L.A. City Council just approved a new law that puts a one-year moritorium on banks evicting tenants when they foreclose apartment buildings and houses used as rental properties. The law was proposed after Countrywide pressured tenants in foreclosed apartments to leave their units in violation of L.A.'s tenant protection rules (which, yes, are labyrinth, but generally give tenants 60 days to vacate. Most people, including L.A. landlords, agree this is fair). Apparently, the law was proposed after the banks complained that they did not understand that tenant protections applied to them. Well, of course the poor banks didn't understand. Why, oh why, should normal laws EVER apply to the banks?
Subscribe to:
Posts (Atom)