Geoff Palmer is suing the Los Angeles, seeking $100 million to make up for income lost because of the city's eviction moratorium during the pandemic.
"One of the region’s most prolific apartment builders has sued the city of Los Angeles over its COVID-19 eviction moratorium, saying his companies have experienced 'astronomical' financial losses and are legally entitled to compensation from the city," reports David Zahniser.
"GHP Management Corp., which is owned by real estate developer Geoffrey Palmer, said in its lawsuit that 12 buildings that it manages have experienced more than $20 million in lost rental income as a result of the measure," according to Zahniser.
The lawsuit accuses the city's moratorium of violating the "Takings Clause" of the 5th Amendment of the U.S. Constitution. "Palmer’s companies said they are entitled to compensation of more than $100 million," according to Zahniser.
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