There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
Real Estate News
L.A. Residents Face Significant Sewer Rate Hikes Over Four Years
Los Angeles residents and business owners may see their sewer bills more than double over the next four years due to proposed rate increases by the city’s sanitation bureau. The plan involves seven rate hikes between October 2024 and July 2028, starting with a 22% increase, followed by smaller increments. Currently, an average household pays $75.40 bi-monthly, which will rise to $155.48 by July 2028. Low-income households will continue to receive discounts.
Council member Katy Yaroslavsky noted that rate hikes were paused during the COVID-19 pandemic, but now substantial increases are necessary to update the city’s aging sewer infrastructure and meet bond obligations. After a contentious debate, the City Council voted 11-4 to proceed with the rate increase process, pending a final vote.
Katy Yaroslavsky
Before finalizing, the city will notify property owners and hold a public hearing. If over 50% of property owners formally object, the hikes cannot proceed. The sanitation bureau will provide tools and forums for residents to understand and discuss the proposed changes.
The last rate increase occurred in 2012, with the final adjustment in 2020. The proposed hikes aim to address aging infrastructure, such as 90-year-old pipes and outdated treatment plants, requiring over $3 billion in capital projects over the next five years. Some, like budget advocate Jack Humphreville, argue for a smaller, one-time increase and a thorough review of the sanitation bureau’s operations.
Council member Monica Rodriguez suggested an independent evaluation of the proposed increases, but there are legal and timing concerns. Ultimately, the council authorized the city attorney to draft an ordinance and the sanitation bureau to notify ratepayers and prepare for a public hearing.
SOURCE: Daily News
Real Estate Blog
If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
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