The Los Angeles City Council on Friday took the initial step to protect residents of rent-controlled housing from eviction if banks foreclose on the property.
The council unanimously approved a motion by council President Eric Garcetti to ask the City Attorney's Office to craft such a protective law and report back.
The council unanimously passed the motion after several council members voiced support.
Councilman Bill Rosendahl said renters should not be thrown out of their homes because their landlords aren't paying their mortgages, adding that Angelenos are losing enough as it is in these difficult times.
"People my age have lost half of their 401(k)s, half of their retirements," he said, "and I'm one of them."
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