The California Apartment Association joined key figures in the rental housing industry for a live webcast on Aug. 15, 2024, to discuss the implications of an extreme rent control measure — Proposition 33, or the “Justice for Renters Act” — going before voters in November.
Tom Bannon, CEO of the California Apartment Association, participated in the webcast, hosted by Hessam Nadji, president and CEO of Marcus & Millichap.
The panel also included Barry S. Altshuler, executive vice president of investments at Equity Residential and a member and past president of the CAA board, and Jim Lapides, senior vice president of external affairs at NMHC.
Key discussion topics included:
- Negative impacts of the “Justice for Renters” ballot initiative on renters: The panel will explore how Proposition 33 could adversely affect renters, potentially exacerbating the housing crisis.
- Historical impact of rent control on affordability: Insights will be shared on how previous rent control measures have influenced housing affordability and availability.
- Actions owners and investors can take: Guidance will be provided on proactive steps that owners and investors can take in response to the initiative.
- Practical solutions to mitigate the California housing shortage: Potential strategies to alleviate California’s housing shortage will be examined.
Proposition 33, a statewide measure that aims to reintroduce stringent rent control regulations, is seen by many industry experts as likely to reduce housing supply and increase rents over time.
