Prop 10 Affordable Housing Act
You will be hearing a lot about Costa Hawkins in the coming weeks. On our Nov. Ballot there is Prop 10 that will repeal Costa-Hawkins Rental Housing Act, eventually allowing local governments to impose rent control measures. So What is Costa Hawkins? The Costa-Hawkins Rental Housing Act, enacted in 1995, was a compromise between local and statewide interests that allowed for rent control to continue, but exempted single family homes, condo, any building built after 1995 and it allows landlords to reset the rental rate on rent-controlled rental units where they become vacant or where the last rent-controlled tenant no longer permanently resides at the unit or moves, leaving behind subtenants.
Please vote no on Prop 10. If Costa Hawkins is repealed it will lead to fewer rental units being built. Therefore, adding to our housing problem. If Costa Hawkins is repealed and rent control is in effect, you will not be able to move your own child into a rental home you own. Crazy to think of it that way but that is what it means. The Legislative Analyst also said that Proposition 10 would likely reduce the value of rental properties and single-family homes, driving down local property tax revenues by up to hundreds of millions of dollars per year. Driving down home values will hurt middle-class families and will also reduce the funding available for vital services like schools, public safety, road repairs, education, and fire safety. Academic experts from the University of Southern California, U.C. Berkeley and Stanford agree that if Costa Hawkins is repealed, it would drive up rents, while discouraging new construction and reduce the availability of affordable and middle-class housing. Even the state’s nonpartisan Legislative Analyst has found that passage of Proposition 10 would both discourage new construction and result in existing rental units being taken off the market, reducing availability of rental housing. "California cities need more rental housing at every price level, but rent control is a major road block to solving the statewide housing shortage," said Kenneth T. Rosen, Chairman UC Berkeley's Fisher Center for Real Estate & Urban Economics
Just Say No to Prop 10!
©2017 BHH Affiliates, LLC. An independently owned and operated franchise of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity.