Neighborhood Guide: East Hollywood
Posted by Ben Nicolas on
When looking for a new home in Los Angeles, it's always smart to consider buying in an up-and-coming neighborhood. The cost of a house will be lower, and it will only be a matter of time before the area is bustling with new restaurants, shopping, and entertainment, thus driving up your home's resale value.
If you're in the market for a place to live or an investment rental property, East Hollywood is the perfect area to look at for these reasons. Not only is the neighborhood growing rapidly, it's also in a great location. You're only moments away from entrances to the 101, about 10 minutes to West Hollywood or Glendale, and you can get away with telling people you live in "Silver Lake adjacent."
Need more proof that this is a great place to…
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This Tuesday, December 11, Los Angeles City Council unanimously passed a long-awaited and much discussed ordinance regulating short-term rentals, also known as home-sharing. Slated to go into effect on July 1, 2019, the ordinance bans rent-controlled units and non-primary residences from participating in home-sharing. The regulations will apply to the entire city of Los Angeles, including Venice, one of the city’s most popular vacation destinations. This is the city’s first attempt to legalize and simultaneously crack down on short-term rentals, which many critics say contribute to the housing crisis. Many who host on Airbnb have been vocal about how much they rely on the extra income to stay in their homes.
Believe it or not, Home-Sharing aka Vacation Rentals aka Airbnb is technically illegal in Los Angeles. It seems everyone has done it, or has friends or family who has; whether they host or travel. For the past few years, the Los Angeles City Council has been waiting to vote on a controversial ordinance with rules and regulations about who can home share, how they can do it, and what they have to pay in order to stay compliant. On Tuesday, November 6, the Planning and Land Use Management Committee heard comments from critics and advocates of this politicized ordinance for the sixth time since the motion was introduced in December 2014.
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