Issue · July 2026 · Los Angeles Multifamily & Land
The Tenant Opportunity to Purchase Act (TCOPA) was enacted July 7, 2026, and takes effect in unincorporated LA County in January 2027. As currently written, it does not apply to single-family homes or 2–4 unit rental properties.
Small-balance multifamily loan rates moved from the 6.2–6.3% range to 6.7–6.8% this cycle — a roughly 50 basis point jump tied to geopolitical risk and its ripple effects through capital markets. For buyers underwriting on thin margins, that move is enough to change a deal's math mid-negotiation.
Equity Residential sold Next on Sixth, a 398-unit asset in Koreatown, to Pacific Urban Investors at roughly a $50M discount to prior pricing — one of the more closely watched institutional trades of the cycle.
