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A group of Hollywood artists argued Wednesday that an affordable apartment complex for creatives isn’t delivering on promises like keeping rents low.
Hollywood Arts Collective opened last spring and is located on Hollywood Boulevard with the goal of providing affordable housing with amenities and creative space for working artists, including photographers, writers, dancers, musicians, and actors. We offer 150 apartments near Cahuenga Boulevard.
The apartment building is located on land provided by the city of Los Angeles and is partially funded through the Low Income Housing Tax Credit program, but operating costs will be covered by rent payments.
“We moved in thinking it was going to be affordable, but if they keep raising the rent, it’s not going to be affordable,” said Hollywood Arts Collective resident photographer Gia Marquez. spoke.
Mr. Marquez also claimed that the developer and property management company Thomas Safran & Associates set the price.
“Some people have a three-bedroom for $800, and someone has a one-bedroom for $2,000,” Marquez said.
The tenants claim there was a verbal agreement that there would be no rent increase in the first year and a 2-3% increase in the following year’s rent, but in August they were notified of a 7% increase.
But the property management company insists it was promised a lot.
Jordan Pines, president of Thomas Safran & Associates, said the terms of the lease clearly stated there would be a rent increase, but did not specify an amount. This is allowed under the terms of the Low Income Housing Tax Credit program.
“While we sympathize with struggling communities, unfortunately the demand for zero rent increases forever is not realistic,” Pines said.
Tenants are asking for the rent increase to be reversed or for other organizations, such as the Entertainment Community Foundation, to cover the additional costs.
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