California Apartment Association CEO Tom Bannon talks about the potential impact on the state’s rental housing market if the rent control-related ballot measure passes on Nov. 3.
California Apartment Association CEO Tom Bannon. Image courtesy of CAA
A hotly contested ballot measure on rent control in California will be decided in the general election Nov. 3, and it has major implications for the multifamily industry.
If passed, Proposition 21 would substantially amend the Costa-Hawkins Rental Housing Act, a law enacted in 1995 that sets limits on the kinds of rent control policies cities can implement. The measure would expand cities’ abilities to enact rent control measures and limit how much landlords can set and raise rents.
Supporters of the legislation say it will help limit dramatic rent increases and ease the state’s housing crisis, while opponents of the measure say it will only make the housing crisis worse and lead to less housing development.
Tune in above to hear Tom Bannon, CEO of the California Apartment Association, the state’s largest rental industry organization, break down what exactly Prop. 21 entails, how previous legislation led to its creation, and what it’s passage could mean for the industry.
