LOS ANGELES - Today Councilmember Ryu released the following statement:
FOR IMMEDIATE RELEASE:
June 16, 2020
Contact for Councilmember Ryu:
COUNCILMEMBER RYU STATEMENT ON VACANCY TAX MEASURE
LOS ANGELES - Today, the Los Angeles City Council moved forward on drafting a vacancy tax ballot measure first introduced by Councilmembers David Ryu, Mike Bonin, Marqueece Harris-Dawson and Paul Koretz in June of last year. The measure, which is now being drafted by the City Attorney for Council approval before being placed on the November ballot, would put a penalty on empty rental units in Los Angeles. The U.S. Census Bureau estimates that there are 111,810 empty housing units in the City of Los Angeles. Councilmember Ryu released the following statement:
“A vacancy tax would put a penalty on homes kept empty while thousands continue to sleep on our streets each night,” Councilmemebr Ryu said. “We can’t afford to wait any longer on this issue. Every year, and every day, homelessness grows. We need every tool possible to bring more housing to market. With tents going up in the shadow of empty luxury apartments, we must be clear: Housing is for people, not investment portfolios.”
View the Council File here.
Assistant City Council President Pro Tempore David E. Ryu represents Los Angeles’ 4th Council District which includes Griffith Park, Sherman Oaks, Toluca Lake, Hollywood, Hollywood Hills, Los Feliz, Silver Lake, Miracle Mile, Hancock Park, Windsor Square, Larchmont and portions of Koreatown and Van Nuys.