The Federal Reserve increased its key interest rate by 0.25% on Wednesday. It signified the Fed’s confidence in the improving U.S. economy. Rising rates will affect millions of Americans, including home buyers, savers and investors. Fed officials raised its target for short-term interest rates by 0.25 percentage points to a range of 0.50% and 0.75%. Full Story
With the Republican control of Congress and the executive branch, brokers, economists and industry leaders weighed in on the potential effects on U.S. property and capital markets, citing potentially reduced political gridlock, significant tax reform, increased protective measures for U.S. trade policy and rollbacks in the nation’s financial and business regulatory framework. Read the fully story. Source: Costar.com
A conditional use permit, which businesses need to obtain a liquor license, can take a year to obtain or renew. One big complaint: Business owners have to go through several departments that don’t work seamlessly with one another. Full story
Basics & What’s New for 2016: http://tinyurl.com/zgqrh7k
Read about RSO exemptions, registration fees and how to pass them through to tenants, allowable rent increases, the impact of capital improvements and seismic retrofitting, eviction laws, relocation assistance amounts, free workshops and more. Los Angeles Seismic Retrofit Program Tenant Habitability Plan & Cost Recovery Guide for Property Owners: http://tinyurl.com/hhw4mrc
The average rent in Los Angeles County is expected to hit $1,416 a month in 2018, an 8.3% jump from last year, while in Orange County, average rents are likely to rise 9.4% to an average of $1,736, the USC Casden Multifamily Forecast said.
There are two major improvement areas:
1. Empire Project: Magnolia Boulevard to Buena Vista Street in Burbank, and
2. Ventura Freeway (SR-134) to Magnolia Boulevard in Burbank and Glendale. Improvements include adding carpool lanes, widening bridges, constructing new on- and off-ramps, enhancing sound walls, upgrading the storm water drainage system, a pedestrian walkway, a reconstructed overcrossing, a realignment of ramps, a new interchange and undercrossing, the elevation of railroad tracks and an improved intersection. Summary of Improvements.
Zoning rules state that nothing in the area can be taller than three stories. A Hampton Inn & Suites is currently under construction down the street on Colorado near Central Avenue. The City Council has directed plans be drawn up for two boutique hotels in downtown Glendale — a 130-room Hotel Indigo and a 117-room AC Hotel. Full Story
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Governor Jerry Brown signed into law Assembly Bill 802 (AB 802) which creates a new energy use disclosure program for the State of California, and replaces the existing law, Assembly Bill 1103 (AB 1103). Full story
Officials in Orange County say their Groundwater Replenishment System – which can treat up to 100 million gallons per day – will eventually be able to purify 130 million gallons a day for reuse. They say it is the largest such system in the world. MWD officials hope that in about a decade, their treatment plant will produce 150 million gallons per day, eclipsing their neighbors to the south. Full Story