It's an unprecedented move, but developer Champion Real Estate hopes to be "part of the solution" for pricey Los Angeles.
The developers of a 20-story apartment tower planned for near Capitol Records in Hollywood announced today that they would voluntarily make all of their units rent-controlled.
Subjecting the approximately 210 new apartments to the city’s rent control stabilization ordinance will cap rent increases at 3 percent per year. The ordinance applies to housing built prior to 1978—not new projects—so the decision is almost totally unheard of.
“We want to be a part of the solution in ensuring future affordability for existing tenants in the Los Angeles housing market,” Bob Champion, CEO of Champion Real Estate, said in a statement.
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