Topa Equities, Ltd., Coalition for Economic Survival, Intervenor-Appellee v. City of Los Angeles, Maria Lourdes Lara Tai Park, Intervenors-Appellees
Court of Appeals for the Ninth Circuit
1Opinion of the Court
OPINIÓN
DAVID R. THOMPSON, Circuit Judge.
TOPA Equities, Ltd. (“TOPA”) owns an apartment building in Los Angeles, California. In 1971, TOPA entered a federal program by which the government subsidized TOPA’s mortgage interest payments in return for TOPA charging below-market rents. In 1998, TOPA left the government program. It wanted to raise its rents to market levels. Standing in its way, however, was Los Angeles’s Rent Stabilization Ordinance (“LARSO”), which regulates “rents so as to safeguard tenants from excessive rent increases!)]” Under LAR-SO, the below-market rents TOPA had been…
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