Santa Ana’s Rent Stabilization Update: A New Era for Tenants and Landlords
In a significant move aimed at protecting renters, the City of Santa Ana has rolled out its Rent Stabilization and Just Cause Eviction Ordinance. This local law, which has been in effect since January 2024, seeks to curb rent increases beyond permissible limits for designated residential units and mobile homes, while also providing robust ‘just cause’ eviction protections.
The ordinance introduces a Rental Registry, a critical tool designed to track rent-stabilized units and ensure compliance with the new regulations. This registry is supported by a Rental Registry Fee, set at $100 per unit for the fiscal year 2023-24. This fee covers the operational costs of implementing and enforcing the ordinance, as detailed in the Santa Ana Miscellaneous Fees Schedule.
Pass-Through Fees: What Tenants Need to Know
Landlords are permitted to pass through up to 50% of the Rental Registry Fee to tenants, distributed over 12 monthly installments. This pass-through, however, is not considered part of the rent when calculating any rent increase. For the fiscal year 2023-24, this fee amounts to a maximum of $4.16 per month. Importantly, landlords must ensure timely payment of the fee by February 29, 2024, to qualify for passing it through to tenants.
For more detailed information on the ordinance, tenants and landlords can refer to the original newsletter.
Introducing the Rental Housing Board
To oversee the ordinance’s enforcement, Santa Ana has established a Rental Housing Board, comprising seven members. This board includes three tenants (with at least one mobilehome tenant), two landlords, and two at-large members with no financial interest in rental housing. Applications for board membership are currently open and can be accessed via the City Clerk’s Office website.
Support and Resources for Tenants
The city provides several resources for tenants facing challenges related to rent stabilization and eviction protections. Organizations such as the Fair Housing Council of Orange County, Public Law Center, and Community Legal Aid SoCal offer guidance and support. Tenants can also reach out to Latino Health Access for additional assistance.
For further inquiries, tenants and landlords can contact the Rent Stabilization Helpline at (714) 667-2209 or email [email protected].
Stay Informed
To stay updated on the latest developments regarding the Rent Stabilization and Just Cause Eviction Ordinance, residents are encouraged to visit the city’s official website and review the full ordinance.
More Articles
Getting licensed or staying ahead in your career can be a journey—but it doesn’t have to be overwhelming. Grab your favorite coffee or tea, take a moment to relax, and browse through our articles. Whether you’re just starting out or renewing your expertise, we’ve got tips, insights, and advice to keep you moving forward. Here’s to your success—one sip and one step at a time!
In a significant business transaction, Old Republic International Corporation has sold its mortgage insurance business to Arch Capital Group Ltd. for a staggering $140 million. This strategic move marks a pivotal moment in the industry and will have far-reaching implications for both companies involved. Old Republic's exit from the mortgage insurance market is part of a strategy to refocus its resources on core business lines. For Arch Capital Group, the acquisition presents a tremendous opportunity for expansion, aiming to strengthen its position in the mortgage insurance market. This development will shape the landscape of the mortgage insurance market and have implications for both companies involved.
Welcome to a new era where home appraisals are completed in minutes, thanks to precise measurements and accurate property sketches. This is made possible by CoreLogic, a leading provider of property data and analytics, through their groundbreaking augmented reality (AR) tool, ScanToSketch. This tool is transforming the home appraisal process and its potential applications in the real estate industry. ScanToSketch leverages the power of Light Detection and Ranging (LiDAR) technology and augmented reality, enabling appraisers to capture precise measurements and create detailed property sketches in real-time. This advancement not only saves time but also ensures accuracy, revolutionizing the way home appraisals are conducted.
The recent verdict in the Sitzer/Burnett commission lawsuit has left the real estate industry in a state of uncertainty. The National Association of Realtors (NAR) and four major real estate brokerages, accused of inflating commission rates, are facing a $6.2 million judgment. NAR president Tracy Kasper, expressing disappointment at the verdict, plans to appeal the decision. This landmark decision has sent shockwaves through the industry, leaving agents uncertain about the future of their business. Kasper emphasizes the importance of transparency, communication, and staying informed about local regulations. Agents should proactively address any concerns or questions their clients may have about commission rates. It is crucial to provide clear explanations of the value agents bring to the transaction and ensure that clients understand all their choices.
In response to the affordability pressures in the housing market, 54 new homebuyer assistance programs were introduced in the third quarter, bringing the total number of such programs to 2,256. These programs aim to provide support and assistance to homebuyers, particularly those facing challenges in affording a home. The homebuyer assistance programs offer various types of aid, including down payment assistance, closing cost assistance, and low-interest loans. Companies and organizations across the country have introduced these programs to help potential homebuyers overcome financial barriers and achieve their homeownership goals. These programs are available in different states, with some states offering a higher number of programs compared to others.
Better Home & Finance Holding Company, a renowned digital lender based in New York, has recently made a groundbreaking move in the mortgage industry. In partnership with Infosys, a leading information technology consulting company, Better Home & Finance has launched a cutting-edge white-labeled mortgage-as-a-service platform. This innovative platform aims to revolutionize the mortgage process by providing an integrated end-to-end digital solution that streamlines every step of the lending journey. The mortgage-as-a-service platform handles all aspects of the mortgage process, from the initial point of sale to loan origination, underwriting, closing, funding, and investor sale. By leveraging advanced technology and automation, Better Home & Finance's platform reduces origination costs and helps partners navigate the operational volatility caused by the current interest rate environment.
Despite a decline in mortgage origination volume in Q3 2023, UWM Holdings Corporation, the parent company of United Wholesale Mortgage (UWM), showcased a robust financial performance. The company reported a net income of $1.6 billion, an increase from $1.5 billion in the previous quarter. This improvement in net income margin is a testament to UWM's resilience and adaptability in a fluctuating market. Even with a decrease in mortgage origination volume, UWM reported an increase in net income. This positive financial performance is attributed to UWM's strategic shift towards higher profitability loans, such as jumbo loans and non-QM loans. By focusing on these higher-margin loans, UWM has been able to maintain strong profitability despite the overall decline in volume.
