Los Angeles City Rent Control
Question for all the wonderful people who contribute to this forum. I've tried digging in and figuring it out myself but keep getting to a dead end.
I have a property with four units, and one house in front that is under LA City rent control. It's been in the family since the 70s and the rent has not been raised for the majority of the time. The rent is probably less than 1/2 of market value for rent. Is there any way to evict the tenants to be able to then rent at market value? Even if this means paying relocation fee's. (from what i've seen it can be anywhere from about $10k to $20k per unit)
And on a side note, rent control is shocking and do not understand how it does not violate the taking clause of the 5th amendment of the constitution. But that's a whole different issue for another day. Thanks in advance!