LA looks for ways to help property owners finance seismic retrofits

Roughly 15,000 buildings citywide must undergo improvements

TRD LOS ANGELES /
Mar.March 22, 2018 02:00 PM
(Credit: PxHere)

For years, Angelenos have heard that the “big one” is coming. But are buildings able to withstand 6.7 or greater magnitude earthquake? And if they are, will the cost of retrofitting them get passed directly to tenants?

The Los Angeles City Council is exploring ways to help property owners finance seismic retrofits this week, the Los Angeles Times reported.

The retrofits are required by law in roughly 15,000 buildings.

Retrofits can cost $130,000 for wood-frame buildings and millions of dollars for larger concrete structures. Some property owners are selling buildings rather than put in the money to retrofit them.

Retrofits of wooden structures must happen in seven years and concrete building retrofits must happen in 25 years. L.A. has cost-recovery programs for owners, but no upfront financial assistance, according Councilman Mitchell Englander.

Funding may also come from the city’s Affordable Housing Trust Fund, the Times reported.

Last year, Santa Monica approved a seismic retrofitting plan, which requires improvements in roughly 2,000 buildings. [LAT] — Hannah Madans 


Related Articles

arrow_forward_ios
California saw a 7.1 magnitude quake Friday (Credit: iStock)

Earthquakes as jolting reminders: Many SoCal property owners have not completed retrofits

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

arrow_forward_ios