*City pooh-poohs Riordan

Budget chief Miguel Santana says that L.A.'s financial mess is improving, and that it would be foolish to file for bankruptcy, as the former mayor believe might happen. "We are on our way to financial stability," Santana said. "So bankruptcy is further away now than it was possibly a year ago." (Guess those 100 layoffs did the trick.) From the LAT:

On Friday, council members voiced their fears that Riordan's campaign could jeopardize the city's bond rating, which determines how much it pays to borrow money. "I think it does affect our credit rating because it's obvious the circles he runs in and the people he has direct contact with," said Councilman Ed Reyes. "I don't know why he would want to make it more expensive to run the city."

Riordan has been pushing to have new workers switch from city pensions to 401(k) plans.

In other news, the council voted 8-6 to have an ordinance drafted that would place a four-month moratorium on rent hikes. Among those to be exempted are rent-controlled buildings with five units or less. A final vote is a couple of weeks off. (KPCC)

*A survey by the National Multi Housing Counsel finds that the apartment market tightened up in the first quarter. That means a lower vacancy rate and higher rents. "There is clear improvement in apartment market conditions on all fronts," said NMHC Chief Economist Mark Obrinsky. (press release)