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Venice Update

News of Venice, CA and Marina del Rey CA

Ryavec Reacts to Confiscation of Rental Properties

Mark Ryavec, president of the Venice Stakeholders Association, sent the following letter to the LA Times. We should all be aware of what the State and local governments are trying to do to owners of rental properties.

Today, in a telephonic town hall meeting with constituents, Councilman Mike Bonin revealed his avarice in a plan to use federal funds to buy distressed homes and hotels out of bankruptcy in coming months for use as homeless housing. A hyena, eyeing the weak and vulnerable, comes to mind.

This is outrageous since Mr. Bonin, as a member of the City Council, along with Mayor Garcetti, created the conditions that will certainly place some property owners at risk of default on their mortgages. With only the half of property owners with federally-insured mortgages enjoying protection from foreclosure, many will go, as Bonin says, “belly-up.”

The city itself imposed the closures of non-essential businesses, which will preclude tens of thousands of Angelinos from paying their mortgages. These city leaders have also allowed renters to forego paying rent due to coronavirus losses, without giving similar relief to landlords from having to pay their mortgages.

To scheme to wait until property owners face default, due to conditions dictated by government itself and through no fault of their own, is predatory and immoral.

Homeowners and hotel owners deserve equal protection from the ravages of the economic costs of the fight against Covid-19. In its quest for thousands of units of homeless housing, the City should treat all property owners equally and offer to buy the needed housing units at January 1, 2020 valuations.

Comments (4)

  1. Darla Pointer

    I think I’m in love with Mark Ryavec 😀 I wish he would come to my neighborhood and help us…

  2. Marie

    I listened to the City Council meeting today. One council member stated that 90% of LA residents are renters. The City wants the other 10%, property owners, to absorb/fund renters and extended the time frame to 360 days.
    LA City should be subsidizing renters instead of landlords. Several of the Council members recused themselves from the discussion and vote because they own rentals property.

  3. Renters are at risk

    Renters should be worried as well. When Bonin gets the property he will evict all the existing tenets so he can put in his subsidized housing programs. Landlords need to educate tenets as to what Bonin has in store for you.

  4. Max Peters

    What Bonin is doing is illegal and he needs to be prosecuted in federal court. The Trump administration needs this to be brought to its attention. Please contact Tucker Carlson at Fox New so he can do a segment on this.

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