News: rent control
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During a hearing packed with housing providers Tuesday, the Glendale City Council requested staff to create a temporary rent cap with a maximum annual increase of 5 percent.
Tagged: Rent Control Los Angeles
Over the objections of CAA, the Los Angeles County Board of Supervisors on Tuesday approved a temporary rent control ordinance for unincorporated areas of the county.
The interim rent control measure affects about 50,000 pre-1995 apartments located in areas outside the 88 city jurisdictions within the county.
The ordinance includes:
A maximum rent increase amount of 3 percent annually for rental properties in the county’s unincorporated areas, except for those properties that are statutorily exempt from rent control.
A term of six months from the date of adoption with options to extend the interim ordinance as necessary.
A base rent… Read More
California voters in Tuesday’s election approved Propositions 1 and 2, CAA-supported bond measures that together are expected to raise $6 billion, add much-needed affordable housing and help address the state’s homelessness crisis.
With 100 percent of precincts reporting, Proposition 1 had garnered 54.1 percent of the vote, while Proposition 2 had secured 61.1 percent.
Proposition 1 will authorize $4 billion in general obligation bonds for housing-related programs, loans, grants and projects, as well as housing loans for veterans.
Tagged: Affordable housingElections
Amid aggressive opposition from the California Apartment Association, a measure to impose rent control and “just cause” eviction policies in Santa Cruz failed passage in Tuesday’s election.
According to semi-official results, 65.5 percent of voters rejected Measure M, while just 34.5 percent voted to approve it. A rent control measure also appeared to be failing in National City.
Tagged: ElectionsRent Control Tri-County
A campaign led by the California Apartment Association has defeated a rent control and “just cause” eviction initiative in National City.
With 100 percent of precincts reporting, 53.9 percent of voters had rejected Measure W, while 46.1 percent voted to approve it. A rent control measure also failed in Santa Cruz.
Tagged: ElectionsRent Control San Diego
Thanks largely to a campaign led by the California Apartment Association, voters in the Nov. 6 election overwhelmingly rejected Proposition 10, the statewide ballot measure that would have repealed the Costa-Hawkins Rental Housing Act and brought extreme forms of rent control back to the state.
With 100 percent of precincts reporting, 61.7 percent of voters rejected Prop 10, while 38.3 percent voted to approve the measure.
“The stunning margin of victory shows California voters clearly understood the negative impacts Prop 10 would have on the availability of affordable and middle-class housing in our state,” said Tom Bannon, chief executive officer… Read More
To jumpstart affordable housing construction, the Sacramento City Council this week voted to waive development impact fees on new projects, a move supported by the California Apartment Association and other business organizations.
The fee waivers will reduce, for example, the cost of a 200-unit multifamily housing development by as much as $2.6 million, an amount that helps cover the funding lost when redevelopment agencies, a primary source of financing for affordable housing, were eliminated during the recession.
“Increasing the supply of affordable housing is the single best approach to solving our housing crisis,” said CAA senior vice president Jim Lofgren.… Read More
In a poll released this week, a statewide ballot measure that would repeal the Costa-Hawkins Rental Housing Act continued to trail by a wide margin.
The final pre-election Berkeley Institute of Governmental Studies Poll, published Wednesday, indicated that 60 percent of likely voters oppose Proposition 10, while 35 percent support the measure, and 5 percent are undecided.
“This poll mirrors public and private polling that shows voters clearly understand that Prop 10 is a flawed measure that would worsen California’s affordable housing crisis, reducing property values and freezing the construction of housing for low- and middle-income families that we desperately… Read More
Tagged: Costa-HawkinsProposition 10
Proposition 10, the statewide ballot measure that would repeal the Costa-Hawkins Rental Housing Act, was trailing by a growing margin in a poll released this week by the Public Policy Institute of California.
The PPIC poll shows that 60 percent of likely voters would vote no on Prop 10, while 25 percent would vote yes, and 15 percent are undecided.
If Costa-Hawkins is overturned in the November election, California cities and counties will once again gain the authority to adopt extreme forms of rent control, including the imposition of rent caps on new apartments and single-family homes. Such moves would… Read More
A newly released paper by a UC Berkeley economist explores how repealing the Costa-Hawkins Rental Housing Act could drive down property values and erode tax money for school districts and local communities.
The paper, “The Case for Preserving Costa-Hawkins: How Rent Control Reduces Property Values, Hurts Small Businesses and Limits State and Local Tax Revenue,” was authored by Kenneth T. Rosen, chairman of UC Berkeley’s Fisher Center and chairman and founder of Rosen Consulting Group.
If California voters approve Proposition 10 and overturn Costa-Hawkins in the Nov. 6 election, cities and counties will once again be authorized to adopt extreme… Read More