The Truth About Proposition 10
When government sets limits to what price landlords may charge, available properties for rent is reduced, and as a result, fewer properties will be produced, and thereby, increasing demand and raising prices; this is what would happen if Prop 10 is passed. Proposition 10, also known by its misnomer, the “Affordable Housing Act,” which would allow local government to impose severe rent control measures making the housing crisis worse by repealing the Costa-Hawkins Rental Housing Act. The Costa-Hawkins Rental Act has been in place for more than 20 years, it protects landlords from onerous backwards rent control. Most cities in the South Bay area do not have rent control, however, if Prop 10 passes, that is likely to change. Over 50% of renters pay approximately 30% of their income on housing. Yes, the rent is too high. However, Prop 10 has no protection for renters. And if it passes, renters will see a drastic rise in their housing costs. Get the facts Yes5No10.
Additionally, senior homeowners in California often times live in homes that no longer suit them and would rather downsize and/or move closer to family members. Unfortunately, they could face a sort of ‘moving penalty,’ that is paying property taxes that doubles or triples. Prop 5 provides relief by allowing those eligible the ability to transfer their current property tax base to the purchase of another home in any county in the state. The property tax would be based on the original home’s assessment. This would greatly help to boost the housing inventory by freeing up housing for the next generation.
On Tuesday November 6th, do the right thing– together, we can protect homeownership by voting Yes on Prop 5 and NO on Prop 10.
“Do the right thing. It will gratify some people and astonish the rest.” – Mark Twain
Source: It’s expensive to be a tenant in California. Will Proposition 10’s rent control expansion help? latimes.com October 3, 2018.
Repealing Costa-Hawkins can only make things worse for California residents forbes.com July 13, 2018.