Wednesday, December 14, 2016

New Earthquake Retrofit Requirements May Have You Paying Out Some Hefty Fees Soon

Earthquakes are an inevitable part of living in LA.  And our city is always trying to stay on the safer side of things when it comes to a major earthquake.  There are a lot of buildings, most of which are in the valley, that are going to need upgrades in order to comply with the city's new standards for earthquake retrofitting.  
Owners of condo units that will need these earthquake retrofits will have to cover the costs needed to make the building comply with the city.  Renters may also be asked to cover the costs as well.  
According to the LA Times "The law requires owners to front the retrofit costs, which can range from $60,000 to $130,000 — possibly even more for larger buildings. The city recently agreed to allow owners to pass on half the costs to tenants through a rent increase of up to $38 more per month."

Is your building on this list? Find out here
And you can read the full article from the LA Times Here