Part 2/7:
Altman acknowledges the importance of affordable housing and recognizes that rent stabilization provides immediate relief and protection to current tenants. Approximately 60% of Los Angeles residents rent their homes, with around 1.5 million rental units available in the city. Of these, about 40% fall under rent stabilization ordinances, typically covering buildings constructed before 1978.
This policy provides tenants with lower rents and stronger protections against displacement, which sounds beneficial on the surface. However, Altman emphasizes that such measures are merely "band-aids" over deeper systemic issues, rather than sustainable solutions.