Are you a renter in California or a landlord? If so, regardless of your political preference, you definitely will want to vote next week because, every voter in the state has the ability to vote on either approving or stopping proposition 10 from becoming law.
What is Proposition 10?
Proposition 10 will give cities like San Diego and Los Angeles the ability to expand rent control. This will be done by repealing Costa Hawkins, the 1990s Housing Act that has been in California for over 20 years.
Thanks to Costa Hawkins, landlords in San Diego have the right to raise the rent on their units to the fair market value when an old tenant moves out. This could change though with proposition 10 which could make a landlord’s ability to raise the rent after tenant moves out a thing of the past.
Cities like San Diego could implement restrictions on all of the local housing stock including single family homes, condos, town homes and new apartments.
How Will Rent Control Affect California?
The obvious argument for rent control is that it will protect renters from excessive rent hikes and keep their homes affordable.
Although rent control sounds ideal for California, and many people feel that it will be a cure-all for the housing crisis, implementing rent control will not encourage the construction of more housing in the Golden State when this is what California desperately needs.
Many industry analysts and economist who have been following the developments of proposition 10 over the last year have seen landlords sell their rental properties in California in favor of getting out of the state before rent control becomes law. Other landlords have sold their portfolios of single-family homes to individual owners, effectively taking those rentals off the market.
Regardless if you stand for or against rent control in California, don’t forget to vote! Make sure your voice is heard in November by casting your vote when it comes to this crucial issue.
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