In response to the coronavirus crisis, Los Angeles Mayor Eric Garcetti on Monday signed an updated rent relief order covering both commercial and residential tenants.
The order gives individuals a full year to pay back-owed rent, compared to six months in the mayor’s original order dated March 17.
Commercial tenants, however, have three months to pay missed rent, unchanged from the mayor’s original order. The clock starts ticking after the city’s emergency period ends; currently that date is April 19.
“I think three months is reasonable,” said Richard LoGuerico, owner of Town and Country Event Rentals in Van Nuys. “Every business is different. Right now, we’re in financial good shape and we’re going to weather this. Some of these buildings are big, big buildings and they have mortgage payments, too.”
Garcetti’s order places a moratorium on evictions for commercial and residential tenants in addition to rent relief. Late fees related to non-payment of rent are included under the moratorium, according to an amended ordinance passed by the L.A. City Council on Friday.
The new order signed Monday halts rent increases on residential units that are subject to the city’s rent stabilization ordinance, affecting approximately 624,000 units in 118,000 properties throughout Los Angeles.