On Nov. 6th, vote to protect homeownership in California by voting NO on PROP 10. Despite being called the “Affordable Housing Act,” Prop 10 would actually make the housing crisis worse. If passed, it would repeal the long-standing Costa-Hawkins Rental Housing Act, eventually allowing local governments to impose draconian rent control measures. We, along with both gubernatorial candidates Gavin Newsom and John Cox, will be voting NO on PROP 10. HERE’S WHY:
- Prop 10 will reduce availability of affordable and middle-class housing by driving up rents, while discouraging new construction & reduce the availability of affordable & middle-class housing.
- Prop 10 will increase the cost of existing housing because homeowners will be more inclined to sell or convert rental properties into other more profitable uses, such as short-term vacation rentals, making it even harder for renters to find affordable housing.
- Prop 10 will cost taxpayers hundreds of millions of dollars per year, reducing revenues available for education & public safety. CA’s non-partisan Legislative Analyst’s Office states that Prop 10 would likely reduce the value of rental properties & 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 & will also reduce the funding available for vital services like schools, public safety, road repairs, education, & fire safety.
- Protections that homeowners have enjoyed for over 20 years will be repealed by Prop 10 & would allow the government to dictate pricing for privately owned single-family homes, controlling how much homeowners can charge to rent out their home – or even just a room. Even more concerning, the passage of Prop 10 could also lead to bureaucrats imposing oppressive surcharges when an owner takes a home off the rental market & chooses to occupy it.
Learn more at www.noprop10.org. If you are a member of the CA Association of Realtors, learn more HERE. If you are not already registered to vote, you have until Monday 10/22 to do so. Click HERE to register.