Paley Commercial Real Estate is committed to keeping you informed of the latest impacts COVID-19 is having on the commercial real estate market and this most recent development would be catastrophic.
CALIFORNIA ASSEMBLY BILL -828 AB-828 SEEKS TO MANDATE A 25% RENT REDUCTION:
The Proposed Bill literally strips away Landlords rights by the implementation of the following:
Demanding Landlords reduce rents by 25% regardless if a Tenant can prove need.
Granting Judges and the Courts the power to set rents and modify lease agreements.
Providing all Tenants facing any COVID-19 hardships with some type of compensation.
Forcing Property Owners to provide evidence of their economic hardship in the collection of rents.
Allowing Nuisance Tenants to remain in possession and not be required to answer unlawful detainer complaints.
WE URGE YOU TO CONTACT YOUR STATE LEGISLATOR AND ASK THEM TO VOTE NO ON AB 828
NEW PROPOSED SENATE BILL 939
Prohibits eviction of commercial tenants,including non-profit organizations, during the state of emergency declared by Governor Newson on March 4, 2020.
The provisions of the bill are are to take effect immediately upon passage as it is an urgency statute.
A violation of the eviction prohibition will be a misdemeanor act of unfair competition business practice.
Local ordinances that prohibit the same or similar conduct or that imposes more sever penalty for the same conduct are not preempted.
Evictions that occurred after the declaration by the Governor but before the effective date of this bill would be rendered void and enforceable and evictions commenced before the dare of declaration may be continued.
Our Woodland Hills office remains open throughout this crisis, and we encourage both Landlords and Tenants of commercial property to reach out to us with any questions or concerns you may have. We will do our best to assist with rental payment issues, property management difficulties, or anticipated vacancies. Allow our team to provide you with more than 35 years experience in the selling, leasing, and managing hundreds of commercial properties.
Paley Commercial Real Estate Brokers have specialized in San Fernando Valley Commercial Real Estate since 1984 and are dedicated to providing expert advice and representation to all of our clients. Our commitment to building long-term relationships is the key to our continued success.