Planners OK replacing apartments with condos
The developer is cutting back and delaying his plans because of the slumping real estate market.
More than three decades after Gary Boruff became a landlord in Venice’s apartment district, his last tenants have been moved out and his rentals, which recently went for as little as $450 per month, are going condo.
Like other longtime landlords in Venice, where the city’s assessed land value has grown 160 percent since 2001, Boruff said he couldn’t keep rents low, pay ballooning property taxes and ignore the latest chance to sell.