A Los Angeles councilman, concerned about the housing crisis, is trying to stop landlords from turning rent-controlled apartments into pricey furnished units for people who want a short-term lease.
Tenants at StayTony on Hollywood and Highland are a mix of permanent and temporary residents. At StayTony, the minimum stay required is one month.
Housing advocates say the practice contributes to the affordable housing crisis by taking long-term homes off the market. But corporate housing companies say they provide needed temporary housing at cheaper rates than hotels. High tenant turnover in rent-controlled units gives landlords more freedom to increase the rents they charge. Although the landlords can set the rent at the beginning of a lease, annual price increases are limited as long as the tenant stays. When that tenant moves out, the landlord can set a new price.
“Hopefully it will head off what could be a potentially huge loophole in our current protections around rent-controlled housing,” Gross said.
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