Pandemic and Economic Recovery in the South Bay
Stay informed on the latest developments in guidelines, regulations and resources for REALTORS in the South Bay.
ICYMI: CA released new guidance for real estate transactions
As California enters Stage 2 of the “Resilience Roadmap” and begins to open lower-risk workplaces, be sure to update yourself on the California Departments of Public Health and Industry Relations’ new Industry Guidance for Real Estate Transactions. This document provides guidance for businesses operating in the real state industry including sales and rentals of single-family, multifamily, apartment, commercial, and industrial properties to support a safe, clean environment for workers.
Important related items:
– LA County Safer at Home FAQ (section pertaining to real estate on page 11, #22)
Please note that this guidance does not supersede stricter local or county orders which can be found here:
City of LA: https://www.lamayor.org/COVID19Orders
Fiscal Updates: What you should know about our market and economy
With April’s market numbers in, all are on the US, and California economy during the pandemic. Here are some helpful reports that help to paint the picture:
Extended Tax Deadlines
The Governor signed an executive order today May 6th that waives penalties for property taxes paid after April 10 for taxpayers who demonstrate they have experienced financial hardship due to the COVID-19 pandemic through May 6, 2021. This will apply to residential properties and small businesses. Additionally, the executive order will extend the deadline for certain businesses to file Business Personal Property Statements from tomorrow to May 31, 2020, to avoid penalties.
C.A.R. RED ALERT: Urge your State Senator to VOTE NO on AB 828 — Rent Reduction Bill
C.A.R. OPPOSES AB 828 (Ting), a bill that, among other things, effectively forces a 25 percent reduction in rents. C.A.R. opposes the bill because it is unconstitutional and provides no financial protection for mom-and-pop property owners who still must pay their mortgages and have a legal obligation to repair and maintain their properties.
Step-by-step Instructions on how to apply for PUA
Free Registration for Virtual REALTORS® Legislative Meetings
We are a collective force of 1.4 million REALTORS® who know that the buying and selling process is much more than a transaction. At local, state, and national levels, NAR advances issues important to the real estate profession and the livelihood of REALTORS®. Register for our first-ever virtual REALTORS® Legislative Meetings to join us in the fight to protect and defend the real estate industry. #NARLegislative https://2020.legislative.realtor/?cid=MY20002
REALTORS® can Apply for Pandemic Unemployment Assistance 4/28
Beginning April 28, at 8 a.m., REALTORS® will be able to apply for Pandemic Unemployment Assistance (PUA) through the California Employment Development Department (EDD). PUA, a key component of the CARES Act, expands unemployment benefits eligibility to business owners, self-employed workers and independent contractors, including most REALTORS®.
If you need assistance, C.A.R.’s COVID Relief Hotline’s hours are from 8 a.m. to 8 p.m. beginning April 28. Additionally, C.A.R. will be providing webinars on Wednesday and Thursday on the application process. You can also visit the Pandemic Unemployment Assistance page on C.A.R.’s coronavirus website, which will be updated as more information becomes available.
You can apply here starting Tuesday, April 28 at 8 a.m.: https://edd.ca.gov/Unemployment/UI_Online.htm
NAR Coronavirus Guidance for REALTORS® (includes General, Transaction & Open House Guidance)
President's Message: Covid Updates – March 30, 2020
Board of Directors COVID-19 Message to Members (3/20/20)
President's Message (3/17/20)
Main Office Location
South Bay Association of REALTORS®
22833 Arlington Ave.
Torrance, California 90501
Hours of Operation
Monday – Friday: 9:00 am – 2:00 pm
Saturday and Sunday: Closed