Property Management News

Council president called it a compromise, but Public Counsel’s Faizah Malik called it reckless and inhumane. Los Angeles’ long-standing renter eviction protections due to COVID-19 hardship will be lifted at the end of January, the City Council decided unanimously on Tuesday, Oct. 4. The council voted 12-0 to approve a package of recommendations from a council committee, following a spirited public comment session that featured both tenants advocating for continued protections and mom-and-pop landlords pleading for the restrictions to end. Under the council action, landlords will be able to resume increasing rent on rent-controlled apartments, which account for three-quarters of the... Read more

Wells Fargo & Co. plans to shrink its vast mortgage empire, which once churned out one of every three home loans in the US and for a time made the bank the most valuable in the nation. No longer committed to ranking No. 1 in the business, Wells Fargo’s leadership is preparing a retreat that will probably start with the bank’s ties to outside mortgage firms that generated roughly a third of its $205 billion in new home loans last year, according to people with knowledge of the decision. The strategy shift follows changes in the executive ranks and years of struggles to avoid costly regulatory probes and hits to the bank’s reputation. In the past year alone, flareups have... Read more