On the November Ballot, is the Proposition for Local Rent Control Initiative - Prop 10.
Opposition to Proposition 10:
Should it pass, it would allow local governments to adopt rent control ordinances that would in essence repeal the Costa-Hawkins Rental Housing Act enacted in 1995; the law that currently restricts the scope of rent-control policies that city and local jurisdictions can impose. The Proposition would allow for policies that would limit rental rates owners could charge for tenancy and make the determination of what is a fair financial return for landlords.
Sponsors of Propositions 10 - argue that the measure addresses the housing shortage situation in California, while those in opposition feel it would make the state's housing crisis worse and discourage investments in real estate, further suppressing the housing supply and deepening the crisis.
Many feel the initiative is the wrong approach:
Republican gubernatorial candidate John Cox states, "Building more housing will bring rents down. This measure treats the symptom, not the disease - it’s a bad deal for renters." In another statement Cox said development regulations need to be eliminated to incentivize construction and decrease costs. (http://ballotpedia.org)
Sacramento Mayor Darrell Steinberg was recorded as saying "The SEIU initiative, while well-intentioned, I think is overwritten and if it passes would harm our ability to build more affordable housing.”
Please do your research and vote your opinion on Prop 10. Feel free to comment on this blog, to let us know how you feel.
San Luis Obispo Realty is a full service real estate company and dedicated to assisting you in your search for real estate as a commercial investment, rental, or home for you and or your family. We are also happy to list your home as a possible business investment rental, in this thriving area that provides housing for many students, families, and businesses.