One would think that the success in ACTION v. Santa Monica Rent Control Board, which struck down the Rent Control Board's regulation mandating property owners to pay interest on security deposits, would spread like wildfire. However, there are still many people who are not aware of the fact that not only do they not have to pay interest on security deposits, but they are also entitled to a refund from the Rent Control Board. ACTION is working on the recoupment of money and will ask for your assistance in the near future. However, until then, do not pay interest on security deposits and keep track of your records if you have done so. We estimate property owners are entitled to at least $2.5 million from the City.

You are aware of the fact that the Santa Monica Rent Control Board is again seeking to "feather its own nest" by augmenting the rent control law to the detriment of property owners. Do you know the details? Several articles have been written, and this is obviously a concern to the ACTION Apartment Association and all of its members. It is not just a political tactic by SMRR to get voters to the polls in November, although I'm sure that it is not coincidental that on the November Ballot is VERITAS and SMRPH. Do you support the Condominium Conversion Ordinance? You should.

On a more positive note, the ACTION Apartment Association has filed several lawsuits trying to restore property owner rights. You will hear further details at the next ACTION meeting as well as articles in this magazine.

Also, in this magazine I suggest that you pay particular attention to the Legal Forum I wrote concerning Identity Theft and stealing equity from your property. It can happen to anyone— even you!

Furthermore, you will find additional information about the Santa Monica Rent Control Board's 2002 general adjustment, which was recently announced as $11.00 per unit flat increase. No percentage! So make sure to send the Notice of Change in Terms of Tenancy timely.

Finally, I want to thank Paul Gaulke and Don Hromdaka for their presentation at the June ACTION meeting concerning Estate Planning and Disposition of Real Property to avoid the Probate Court. I understand that the presentation was well received and informative. As VERITAS and SMRPH continue to gain popularity, we continue to support both for the November Ballot. These will be discussed at the next meeting and I look forward to seeing you there and, of course, we invite you to bring a friend.