LAO Adjusts Ballot Label for Higher Impact; Analysis Predicts Drop in Housing Values, Loss of Available Rent Units
Proposition 21, the November ballot measure financed by Michael Weinstein and the AIDS Healthcare Foundation that would undermine the strongest statewide rent control and renter protections in the nation, could result in "a potential reduction in state and local revenues in the high tens of millions of dollars per year over time," according to the state’s highly-respected, non-partisan Legislative Analyst’s Office (LAO).
In addition, the LAO also concludes that "some landlords would sell their rental housing to new owners who would live there," which results in less affordable housing available to the state’s renters.
The LAO also notes "the value of rental housing would decline because potential landlords would not want to pay as much for these properties" if Proposition 21 became law.
"Californians can’t afford Proposition 21. Just like the version of this ballot measure California voters rejected less than two years ago, Proposition 21 would be a disaster for our schools and our communities," said Steven Maviglio, spokesperson for Californians for Responsible Housing, the campaign opposing the initiative. "Passage would likely mean our cities, already struggling because of COVID-19, would be forced to make even greater cuts in services and/or raise taxes. Meanwhile, homeowners would see the value of their properties drop and renters would have fewer housing options. We are in the greatest recession since the Depression; it is clear that voters will reject a ballot measure like this that will mean increase costs to their families, cuts to the government services they rely on, and make California’s affordable housing crisis even worse."
Read the LAO analysis of Proposition 21 here.
Read the new ballot label for Proposition 21 here.
Ad paid for by No on Prop 21: Californians for Responsible Housing, a coalition of seniors, veterans, affordable housing advocates, labor & social justice organizations, sponsored by California Apartment Association.
Committee major funding from:
Essex Property Trust and Affiliated Entities
Funding details at: http://www.fppc.ca.gov