Property values in Inglewood jump 26%, “anti-rent gouging” bill could drastically expand rent control: Daily Digest

A daily round up of real estate news, deals and more for August 1, 2019
August 01, 2019 04:00PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m. PT.

Inglewood homes go up, up, up. Property values in fast-changing Inglewood increased nearly 26 percent in the last year —  more than anywhere else in the county — according to 2019 property tax assessment roll. The hike in Inglewood is largely due to some of the massive projects being built there, such as the Chargers and Rams new stadium and Clippers arena. [KHTS

 

“Anti-rent gouging” could expand rent control to as many as 1.2 million homes. New research by UC Berkeley reveals Assembly Bill 1482 could drastically expand rent control in the county. Out of the 1.2 million homes that would qualify under the bill, roughly 374,000 units are in the city of L.A. [Curbed]

 

Scott Gillen wants $500M for 13 Malibu spec homes. Gillen’s development firm, Unvarnished, is looking to part with a baker’s dozen properties scattered around the wealthy seaside enclave. “The Malibu Series” includes the New Castle spec mansion and five under-construction mansions spread across a 24-acre property. [TRD]

 

LA Councilman David Ryu (Credit: Getty Images and iStock)

LA Councilman David Ryu (Credit: Getty Images and iStock)

L.A. Councilman David Ryu talks development. The Council’s youngest member talked about his proposal to ban developers and associates from donating to elected officials and why he wants to reduce his and his colleagues’ power. [TRD]

 

Saudis backed Colony Capital’s digital infrastructure deal, according to a new report. Colony Capital, led by Trump-ally Thomas Barrack, reportedly partnered up with a sovereign wealth fund from Saudi Arabia as it sought to invest in digital infrastructure after the 2016 presidential election, according to Bloomberg. [TRD]

 

Jimmy Stewart’s former Brentwood home (Credit: Sotheby’s International Realty)

Jimmy Stewart’s former Brentwood home (Credit: Sotheby’s International Realty)

Jimmy Stewart’s Brentwood bachelor pad sold for $8.3 million. It was the first time the half-acre property and its 4,600-square-foot home traded in 60 years. The ranch home appears to have changed little since his time living there, and could be a development opportunity for the buyer. [Town and Country]

 

L.A. is explores mandatory inclusionary zoning citywide. That would require developers to include affordable units in residential projects regardless of location. Councilmember Gil Cedillo instructed the city planning department to explore the issue to ensure “certain parts of the city [are not] responsible for meeting the entire city’s affordable housing goals.” [Curbed]

 

 A.J. Khair’s planned hotel at 544 S. Pacific Avenue

A.J. Khair’s planned hotel at 544 S. Pacific Avenue

A hotel developer in San Pedro is not happy. A.J Khair Development and Construction submitted plans last year for an 80-room hotel on 6th Street and Pacific Avenue, but an L.A. zoning administrator in April knocked that down to 67 rooms. The developer is appealing, claiming the 80-room project is appropriate and has support from local elected officials. [Urbanize]

 

It’s been a good year for real estate stocks. Real estate firms saw highs on the stock market in June and July — in anticipation of the Federal Reserve’s interest rate cut. TRD analyzed how some of the top public landlords, brokerages and more performed on the market so far this year. [TRD]

 

Elliman’s Fredrik Eklund and John Gomes

Elliman’s Fredrik Eklund and John Gomes

Fredrik Eklund and John Gomes dish on their plans for L.A. — and New York City. Ahead of tonight’s debut of Season 8 of “Million Dollar Listing New York,” star brokers Fredrik Eklund and John Gomes sat down with The Real Deal for an exclusive interview about what Eklund’s move to Los Angeles means for them, their team and their business. [TRD]

 

New York City’s most important construction lender may be on shaky ground. Bank OZK has handed out money to the city’s top developers for years. But there’s drama behind the scenes, including infighting and allegations of sexual misconduct and age discrimination. [TRD]

Compiled by Dennis Lynch