Rent Control Makes CA Ballot – Malibu Impact Unclear

California voters this fall will decide a measure on allowing cities to resume regulating rent increases.

Will Malibu get rent control again???

Malibu at one time had rent control … primarily in the spaces in the two large mobile home parks … Paradise Cove and Point Dume.

Land at those two parks is owned by two companies … with rent paid monthly for the space.

The structures .. many of them remodeled far beyond the original mobile homes … are owned by individual parties.

In the 1990s … Malibu regulated the rents charged for the land.

But Malibu’s rent control was phased out when the landlords promised to moderate the rent increases.

Now … some of the Mobile homes sell for above a million dollars … but the rents do not reflect that.

The mobile home Parks are conservatively valued at a half billion dollars … for the land … according to some estimates.

And they would be worth a whole lot more if they weren’t restricted to mobile home parks use … as they are under the city zoning code.

Last week … a ballot initiative to repeal California’ vacancy decontrol law and allow cities like Malibu to expand rent control was certified for the November ballot

It’s called the Affordable Housing Act

If approved by voters … it will repeal a 1994 law pushed by landlords that allows landlords to raise  rents to market rates when most rent control units are vacated.

How would the initiative affect Malibu mobile home parks???
Not clear yet.