Los Angeles City Council Approves $100M Rent Relief Package
On Tuesday, the Los Angeles City Council approved a $100 million rent relief package aimed at helping residents and landlords impacted by the pandemic. The aid represents the largest rent assistance program that any city in the country has adopted in response to coronavirus crisis.
First reported in the Los Angeles Times, the measure provides up to $2,000 in rent subsidies to households under financial pressure because of COVID related job loss or illness. The funds are capped at $1,000 per month, and will be paid directly to the landlord.
In addition to providing proof of direct financial or health related impact, renters must also meet income requirements. In order to qualify households must earn less than 80 percent of the county’s median income – approximately $83,500 for a family of four.
A recent report by UCLA Luskin Institute estimates as many as 365,000 renters are at risk of eviction once the statewide ban is lifted. While multiple landlord organizations dispute those figures, the city council hopes that by providing direct payments to landlords some of the mounting financial pressures felt by apartment owners will be lessened. [LAT] — Dennis Lynch