The council decided to draft a moratorium, but the rule would have little effect for most residents because most renters live in smaller mom-and-pop landlorded buildings.
"On an 8-6 vote, the council asked City Atty. Carmen Trutanich to prepare a rent moratorium for buildings constructed before 1978 that have six or more units -– a group that is governed by the city’s rent control law."
"Housing officials are still trying to determine how many of the city’s 630,000 rent-controlled apartments would be exempted from the proposed moratorium. Out of 118,000 rent-controlled buildings, 89,000 have four units or less, one housing official said."
In many older areas of L.A. like Pico Union, apartments are converted houses, duplexes, or houses with a granny flat in the back. These are exempted from the moratorium.
Needless to say, these are some of the poorest people in L.A.
The large apartment complexes generally have higher rents and are considered "luxury" apartments. These apartments generally rent to middle class people who can afford the high rents.
In between the large complexes and quads are the midsized apartment buildings that generally take up more than one lot on a residential street, or are on commercial streets like La Brea.
As for mom and pops losing their buildings... I don't care. It's a business - there's no guarantee of profits, and 2/3 of new businesses fail. Join the majority. Or renegotiate with your lender to get a lower payment.