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NO. The true and accurate history of our rent increases have averaged 3.48% in recent years <br />which has steadily declined to 3.16% in 2020 and just 0.32% in 2021. <br />IS AMC ALONE WITH THIS RENT INCREASE HISTORY <br />NO. In talking with other large professional management companies who operate properties <br />in the city of Santa Ana we have found that they also implement similar fair and reasonable <br />policies for rent increases. <br />WHAT ABOUT SMALL APARTMENT OWNERS, CONDO AND SINGLE-FAMILY OWNERS? <br />Your proposed ordinance excludes these types of properties, but, historically, smaller property <br />owners tend to be more reactionary to slight "hiccups" in their operating expense than more <br />experienced professional management companies. If they have an unexpected expense, they <br />might pass through a much larger increase than normal in order to catch up and pay for the <br />unplanned costs. These owners also tend to pay less attention to rent applications and <br />qualifications. As a result, they might have to deal more with rental abuse and begin evections <br />at a higher rate than larger professional management companies. Perhaps these might be the <br />troubled tenants referred to by TUSA? The larger, professionally managed apartment <br />communities such as AMC's, should be the least concern of yours and excluded from any rent <br />control ordinance. This is the exact opposite of what is called for in the proposed ordinance . <br />WHO IS VOLUNTARILY IMPROVING THE AGING APARTMENT COMMUNITIES IN SANTA ANA? <br />AMC has a long and proven record of improving old run-down apartments. These buildings <br />typically were built prior to 1995. For example, we recently purchased River House <br />Apartments where city code enforcement had issued 50+ code violations. We immediately <br />corrected all these as well as completed a major renovation and improvement as well as <br />implemented strong management thus dramatically improving the property and the overall <br />community. Implementing rent control laws would make it impossible to justify investing in <br />such problem properties in Santa Ana. With no financial incentive there is little hope that older <br />apartment communities will be improved, and blight will occur. <br />WILL RENT CONTROL RISK THE IMPROVED LONG-TERM HIGH STANDARD OF HOUSING IN <br />YOUR CITY? <br />YES. The business of running apartments is a complicated one. There are always surprises such <br />as the current pandemic for which an owner needs reserves. This is in addition to the reserves <br />for security, replacements and improvements needed to maintain quality housing. We project <br />reserves out 30 years, not just for today. The proposed rent control will put apartment <br />ownership on the brink and force owners to reduce their standards. <br />WILL RENT CONTROL REALLY SAVE PEOPLE FROM LOSING THEIR HOMES? <br />NO. Much emotional testimony took place in your meeting where TUSA indicated that people <br />could not pay their rent and therefore will lose their homes. As you can see above, AMC and <br />4 <br />