{"id":24407,"date":"2025-01-12T13:04:02","date_gmt":"2025-01-12T13:04:02","guid":{"rendered":"https:\/\/peraltafinancing.com\/apartment\/apartment-management-magazine-the-so-called-justice-for-renters-act-offers-no-justice-for-landlords\/"},"modified":"2025-01-12T13:04:02","modified_gmt":"2025-01-12T13:04:02","slug":"apartment-management-magazine-the-so-called-justice-for-renters-act-offers-no-justice-for-landlords","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=24407","title":{"rendered":"Apartment Management Magazine The So-Called \u201cJustice for Renters Act\u201d Offers No Justice for Landlords"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>By Daniel Yukelson<\/p>\n<p>Will it be a rough road ahead?\u00a0 Perhaps, but let\u2019s hope not. Let\u2019s all band together and support the opposition and fight against the ballot initiative that could pose devastating, long lasting impacts on those of us in the rental housing business in California.<\/p>\n<p><span id=\"more-30796\"\/><\/p>\n<p>The threat? It\u2019s the so-called \u201cJustice for Renters Act\u201d that will be on the November 2024 ballot.\u00a0 The initiative repeals an important state law called the \u201cCosta-Hawkins Rental Housing Act of 1995\u201d (Costa-Hawkins).\u00a0 This important law restricts the scope of both state and local rent control regulations and prohibits price (rent) controls on new construction and even single-family homes and condominiums. Passage of this latest of three attempted initiatives will only discourage new construction, encourage owners to remove rental properties from the market, and will only make housing shortages and affordability in California far worse.<\/p>\n<p>Passage of this latest version of a rent control ballot initiative that is being funded once again by Micael Weinstein who is the head of the AIDS Healthcare Foundation will only have devastating and far reaching negative consequences for property values as potential, future rent increases and rental income will be severely restricted. \u00a0 Of great importance to those of us in the rental housing industry, <strong>Costa-Hawkins prohibits \u201cvacancy control,\u201d<\/strong> so in other words, when your tenant vacates their apartment unit in a rent-controlled jurisdiction, you can increase your rent to whatever is the going market rate rent.\u00a0 Without today\u2019s protections under Costa-Hawkins, cities like Santa Monica, San Francisco, West Hollywood, Berkeley and others will most certainly place \u201cprice caps\u201d on how much rent may go up when you have vacant units, irrespective of whether you have remodeled your unit before occupancy by the next tenant.<\/p>\n<p>There are many reasons for opposing this poorly thought-out ballot initiative:<\/p>\n<ul>\n<li>By far, most economists agree that rent control slows growth and significantly reduces the construction of new housing. So, expanding rent control restrictions only serves to make matters worse.\u00a0 Even California\u2019s own Legislative Analyst\u2019s Office and Governor Newsom were against the past two attempts under Proposition 10 (2018) and Proposition 21 (2020) to repeal Costa-Hawkins.\u00a0 Additionally, there is an obvious nexus to small businesses \u2013 small businesses in the construction industry would be severely impacted as investors would be discouraged from building new construction and companies providing goods and services to the rental housing industry would be negatively impacted, and as a result, many jobs and billions of dollars in tax revenue would be lost.\u00a0<\/li>\n<li>This latest initiative empowers unelected rent boards and commissions to impose new rent control regulations and fees on rental housing without a local vote of the people or even the approval of elected city officials. The initiative also has no limit on how high unelected rent boards could drive up fees, making housing even more expensive.<\/li>\n<li>With the previous two rent control initiatives, Propositions 10 and 21, the state\u2019s Legislative Analyst\u2019s Office found that rent control reduces property values, not only for properties under rent control, but properties in the vicinity of those under rent control (because landlords under rent control have less money to upkeep their properties, again impacting small businesses in construction, maintenance and supply industries).\u00a0<\/li>\n<li>Passage of this latest initiative would surely hurt California taxpayers due to a significant decrease in state tax money, meaning less money for schools, roads and emergency services.\u00a0 Reduced property tax revenues will also create pressure on the state and local governments to increase taxes to make up for the lost tax revenue.<\/li>\n<li>Passage of the initiative opens the door to price controls on single-family homes and condominiums when owners decide to rent a room or their home in the future.<\/li>\n<li>The initiative, once passed, can only be amended by another vote of the people.\u00a0 The State Legislature will be \u201chandcuffed\u201d from amending the law or from adopting future statewide tenant or property owner protections.<\/li>\n<li>Property owners will be encouraged to convert properties to more profitable uses, like condominiums and short-term vacation rentals, which will only serve to reduce the amount of long-term housing available for renters, drive prices even higher and make the housing shortage much worse.<\/li>\n<\/ul>\n<p><strong>DON\u2019T BE FOOLED, THE INITIATIVE<\/strong>:\u00a0 The so-called \u201cJustice for Renters Act\u201d:<\/p>\n<ul>\n<li>Will NOT increase funding for affordable housing.<\/li>\n<li>Will NOT force local communities to build the housing approved in their general plans.<\/li>\n<li>Will NOT provide any immediate relief for people facing higher housing costs.<\/li>\n<li>Will NOT result in the construction of new housing.<\/li>\n<li>BUT IT WILL adversely impact your income and property values, and therefore, <strong>HURT YOU!<\/strong><\/li>\n<\/ul>\n<p>The so-called \u201cJustice for Renters Act\u201d is nothing about justice. It hurts housing providers and in turn will hurt renters and adversely impact the supply of housing in California. Spread the word!\u00a0 Encourage everyone you know to <strong>VOTE NO this November 2024<\/strong>.\u00a0\u00a0<\/p>\n<p>More importantly, it takes money to fight.\u00a0 Please write your check today to the \u201cIssues PAC of AAGLA\u201d, c\/o Reed &amp; Davidson, LLP, 515 South Figueroa Street, Suite 1110, Los Angeles, California 90071-3301; Attn. C. Davidson, Treasurer, or contribute online at <a href=\"http:\/\/www.aagla.org\/issuespac\">www.aagla.org\/issuespac<\/a>.\u00a0 Now more than ever, invest in your investment today.\u00a0 Let us help you protect your property rights and investment.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>By Daniel Yukelson Will it be a rough road ahead?\u00a0 Perhaps, but let\u2019s hope not. Let\u2019s all band together and support the opposition and fight against the ballot initiative that could pose devastating, long lasting impacts on those of us in the rental housing business in California. The threat? It\u2019s the so-called \u201cJustice for Renters [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12038],"tags":[7622,6621,12721,16571,2083,5984,2212,16570,16569],"dealstore":[],"offerexpiration":[],"class_list":["post-24407","post","type-post","status-publish","format-standard","hentry","category-apartment","tag-act","tag-apartment","tag-justice","tag-landlords","tag-magazine","tag-management","tag-offers","tag-renters","tag-socalled"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apartment Management Magazine The So-Called \u201cJustice for Renters Act\u201d Offers No Justice for Landlords - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=24407\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apartment Management Magazine The So-Called \u201cJustice for Renters Act\u201d Offers No Justice for Landlords - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"By Daniel Yukelson Will it be a rough road ahead?\u00a0 Perhaps, but let\u2019s hope not. 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