As mom-and-pops are increasingly exiting the landlord business, de facto affordable housing units are disappearing from the Los Angeles market along with them. Take Rich Kissel, who up until recently owned three multifamily buildings totaling 20 units which he purchased gradually between the 1980s and early 2000s. Despite being able to stay afloat as a landlord through various recessions, including the Great Financial Crisis of 2008, Kissel said the pandemic “changed everything.” Following the outbreak of Covid-19, the City of Los Angeles enacted rent freezes and increased eviction protections for tenants — and while many other metros also passed similar […]
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