CORRESPONDENCE - WS-1 OPPOSITION

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well. I have included some pertinent information as it relates to the properties that we own in Santa Ana. This is the most accurate information that you should consider. Data that is broad and generic is quite often quoted when it helps to build a case. With this included information you have accurate data from one of the largest owners of Apartments in your City. I hope that this helps you. If a rent control law were to be put in place, I am afraid that we could not afford to maintain the high level of quality housing that we currently do at all of our properties. The wonderful direction of bettering your City will move in the opposite direction. When owners can't raise the rent in order to have funds to make repairs, it will eventually lead to run-down, blighted properties in the city - which is the last thing Santa Ana needs. I encourage you to allow us to work with the good folks who are suggesting this action and share both sides of the issue in the hope that they will understand the challenges of the landlord as well as the renter. In the end, I believe that everyone will understand that the average rent increase rate that we have experienced is fair. Further, they will see that the higher rent increases that occur when an old and unsightly property is fully renovated is a fair motivation to fix up old and blighted apartments. I am happy to be on such a committee if you would like. I trust that you will do what is best for your City and reject the idea of entertaining Rent Control. It has been proven in many cases to be the beginning of blight in those Cities. Also, it is a "taking" of value from property owners and a denigration of property rights. When property rights degrade, the value of the community decreases as capital is less motivated to invest. I thank you for your considerations. Respectfully, s Rick Julian President Advances Real Estate Services, Inc.