K3 Holdings and Alpine LA Properties Warn of Possible Unintended Consequences of Proposition 33 on Los Angeles Housing Market Property Managers Committed to Building Stronger Communities that Empower Renters
Los Angeles, CA
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October 29, 2024 02:00 PM Eastern Daylight Time
K3 Holdings, a privately held real estate investment firm with extensive holdings throughout the United States and Alpine LA Properties, a leasing company providing newly remodeled apartments at affordable rates in Los Angeles voiced concern today about debate over California Proposition 33.
Proposition 33 moves the decision of rent control laws into the hands of municipalities. While the proposal is intended to support vulnerable renters, via rent control and/or vacancy control solutions, many within the real estate and housing industries are raising concerns about its potential impact on housing availability.
As municipalities create new legislation and regulations, many of these policies may have unintended negative consequences, especially for low-income families.
Some experts are warning that Proposition 33 may result in fewer affordable housing options and discourage investment in new development, exacerbating the city's housing crisis.
“As a property management company with deep roots in the Los Angeles community, we are committed to supporting renters and ensuring the availability of safe, affordable housing options,” stated Michael Kadisha, a Principal of K3 Holdings. “We have long been a resource to local leaders and policymakers, offering insights into the needs of renters and the realities of the housing market, and we look forward to further collaboration.”
“While we understand and respect the goals behind Proposition 33, we are concerned that its unintended consequences will be harmful to the very communities it aims to protect. Proposition 33 could reduce the supply of housing options, especially for low-income families, by discouraging new development and forcing out existing property owners. This could exacerbate the housing crisis, not alleviate it,” Michael Kadisha continued.
“By making it financially untenable for real estate owners and developers to operate, this proposal may inadvertently limit the number of available homes, leading to fewer choices for renters and higher prices in the long term,” Nathan Kadisha a K3 Principal added. “Surely this is not what local leaders, and the community is intending with these proposals.”
“Our goal is to remain a partner in crafting balanced, effective housing policies that protect renters while also ensuring a healthy, sustainable housing market. We stand ready to work with city leaders to find solutions that benefit both renters and property owners alike,” Nathan Kadisha continued.
While K3 does not endorse or reject any specific legislation and refrains from political involvement, its sole focus remains on building strong communities and helping renters thrive.
About K3 Holdings and Alpine LA Properties
K3 Holdings and Alpine LA Properties are committed to creating strong, vibrant communities through thoughtful property management and a focus on fostering neighborly connections. By hosting community events and providing quality living spaces, we strive to make our neighborhoods places where residents feel a sense of pride and belonging.
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For more information or to schedule an interview with a K3 spokesperson, please contact Dan Rene at 202-329-8357 or dan@danrene.com
Contact Details
K3 Holdings/Alpine LA Properties
Dan Rene
+1 202-329-8357
Company Website
