Sam S. Manoukian, CCIM is a highly accomplished professional in the commercial real estate industry, currently serving as the CEO of DPI - Diversified Property Investments and DPI - Diversified Property Management. With over 35 years of experience, he has established himself as a top-ranked Commercial Real Estate Agent. Sam holds the prestigious Certified Commercial Investment Member (CCIM) designation and has a remarkable track record of overseeing more than $1 billion in recorded real estate transactions. His expertise extends to being a court-recognized expert witness in commercial real estate transactions, emphasizing his depth of knowledge and credibility in the field.
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In my opinion rent control has never worked, never will and as always produced the exact opposite results as was intended. The only solution E and bringing down the cost of housing and rental rates is the link with debt issue of supply and demand. And tail we start developing and bringing onto the market new housing and so we can get closer to the threshold of demand we are going to continue to have the same issues that we are currently having.
With that said, I have a message for a small number of property owners/landlords in the city of Glendale that have been acting unreasonable, abusive and have been greedy with some of their tenants, continue doing what you’re doing and very soon we will end up where the city of Pasadena ended up. Being forced to pass rent control on December 12,2022. And if you have any doubts about what will happen to the value of your property overnight when rent control has passed in the city of Glendale, please take a look at the attached two reports I pulled. The first one is a report of all apartment buildings that were sold in 2022 prior to rent control passing and then the other report is based on all transactions for apartment building that have taken place and closed the following year January 1, 2023, through December 31, 2023 and see for yourself what a devastating effect they had and will continue to have in the Pasadena multifamily market.
Please have some common sense and stop issuing 200%-300% rent increases or try to remove a tenant 2 days before Christmas. Remember, just because you can do something, it does not mean you should.
Sam S. Manoukian, CCIM