How Will the New Earthquake Retrofitting Law Affect Apartment Owners?
The Westside of Los Angeles will be one of the areas hardest hit with the new law requiring the retrofitting of wood-frame apartment buildings to better withstand a major earthquake. Buildings with soft stories that often serve as tuck under parking spaces have been proven shaky and vulnerable during an earthquake. These soft story buildings are typically older properties and in need of retrofitting not just for safety reasons but also due to the fact that many of these properties make up a good portion of L.A.'s affordable housing inventory, and a good earthquake could wipe out much of our affordable housing.
The retrofitting will most likely be quite expensive for the owner, so the city Lawmakers are also looking into ways they can help the owners pay for the work. They are considering possible tax breaks or repaying a government subsidized loan through property taxes. Of concern is that a good percentage of these owners are elderly and have purchased these properties for their retirement and live in one of the units while renting the rest of the units to pay for their living expenses, so the Lawmakers are working diligently to make this a viable project.
See if your property is included: http://graphics.latimes.com/soft-story-apartments-needing-retrofit/