Treasurer John Chiang says two out of state pension funds are using a legal loophole to raise the rent.
“Fifteen years ago, the owners of the San Regis took nearly $24-million dollars in taxpayer support and committed to making affordable housing available for a period of 55 years.”
The owners are suing the city of LA and the treasurer’s office to get out of the agreement made in 2001. So Chiang is countersuing.
“So we disagree that disingenuous argument that it only applies for 15 years.”
The owners of the complex, the Colorado Public Employees Retirement Association and the Utah State Retirement Investment Fund are not commenting at this time.
James Rojas
Field Reporter
TalkRadio 790 KABC