Condo conversions and developers’ risks

Re “Where’d my apartment go?” Current, May 21

There is an outbreak of condominium conversions and housing demolitions ripping the hearts and souls of L.A. communities. Los Angeles, already facing one of the worst affordable housing shortages in the nation, is now affected by condo-mania, which is displacing large numbers of renters and destroying scarce affordable housing.

Over the last five years, more than 11,000 condo- and demolition-related evictions occurred, 65% of these since 2005, according to the L.A. Housing Department. The condos being created are way beyond the financial reach of most L.A. renters. Tenants faced with eviction can’t find affordable apartments in their neighborhoods and are being forced out of the area, even out of the state.

Tenants must persuade the L.A. City Council to enact a moratorium on condo conversions and housing demolitions while it develops permanent laws to better protect renters and affordable housing. Without concrete government action, we will be left with a city only the wealthy can afford, and the face of Los Angeles will be changed forever.

LARRY GROSS

Executive Director

Coalition for Economic Survival

Los Angeles

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Perhaps Peter Dreier would like to make apartments subject to the jurisdiction of the state Public Utilities Commission. Then landlords would receive a fair rate of return on their investment and renters would be protected from the vagaries of the market.

In truth, it is the mostly unregulated marketplace that provides Los Angeles- area renters with the vast housing stock that exists today and that continues to grow.

Increased regulation will certainly not entice developers to build more housing, and government’s participation in the housing business has generally been a dismal failure.

The quick profit made by developers in building new product or converting existing apartments to condos comes only after years of planning, expensive architecture and engineering work, scrutiny by governmental agencies, payment of permit fees to government, mandatory relocation fees to tenants and the investment of large sums of capital. The vibrancy and growth of Los Angeles is the result of the risks taken and the vision of these developers.

JAMES A. ROTHSTEIN

Brentwood