Shake, shake, shake, shake that building

You get a seismic retrofit mandate, you get a seismic retrofit mandate, everyone gets a seismic retrofit mandate! What is this? Cities are passing minimum standards that apartment owners are required to meet in order to provide a safer living environment. Things such as ” in wood-frame buildings with soft, weak, or open-front walls and existing non-ductile concrete buildings” are a few items that would be subject to retrofit requirements. So who is subject to this mandate? As of now, the requirements are being rolled out in the city of Los Angeles on buildings falling under rent control ordinance, but it is important to note that it is eventually  probable for this to extend to other cities. Effective November 22, 2015, the dept of building and safety identified approximately 12,000 buildings that fall under this statute. Owners that have received notice will have 3 1/2 years to begin the work and 7 years to complete work with all necessary permits. Reinforcing these buildings means a new cost to apartment owners which adds another degree of uncertainty to how this may affect the value of apartments. In the past there were mandates requiring remedies such as asbestos abatement that eventually disappeared. This may be one of those situations, however, since it is heavily related to safety, I find that unlikely. Only time will tell.

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