$5,000 Tenants Have Taken Cash For Keys
Los Angeles tenants are cashing in — and out — of their rent-controlled apartments.
From 2019 through last year, nearly 5,000 “cash for keys” agreements were filed with the city, the Los Angeles Times reported, citing a report by City Controller Kenneth Mejia.
The buyouts known as “cash for keys” have become a frequent tool for landlords to get tenants to leave rent-controlled apartments without going through formal evictions. Such evictions can take time, cost money and have strict rules.
Koreatown, Echo Park and Mid-Wilshire topped the list for the number of buyout agreements, with the Highland Park neighborhood among the top zip codes.
“Tenant buyouts are a tactic that landlords use to compel tenants to move out of RSO (Rent Stabilization Ordinance) units or rent-controlled units, often so landlords can re-rent these units to new tenants at market-rate prices,” Mejia’s office said in a statement.
“In many cases, buyout amounts are not enough for tenants to afford continuing to live in the city of Los Angeles long term.”
