Developer Hollywood Tower Volunteers To Place New Apartments Under Rent Control
The developers of a 20-story apartment tower planned for near Capitol Records in Hollywood announced today that they would voluntarily make all of their units rent-controlled. Subjecting the approximately 210 new apartments to the city’s rent control stabilization ordinance will cap rent increases at 3 percent per year. The ordinance applies to housing built prior to 1978—not new projects—so the decision is almost totally unheard of.