Once again, the California Apartment Association has helped keep extreme forms of rent control out of the state. Thanks largely to a campaign led by CAA, voters in Tuesday’s election rejected Proposition 21, the statewide ballot measure that would have invited back the radical rent control policies that proliferated in the 1970s and ’80s. As of Wednesday morning, with 99% of precincts partially reporting, 59.8% of voters had rejected Prop 21, while 40.2% voted to approve the measure. “It’s heartening that voters across the state recognized that Prop 21 would have worsened California’s ongoing housing shortage and homelessness crisis,” said… Read More
Over the years, CAA has contributed to the Silicon Valley Organization Political Action Committee (SVO PAC) as we have shared many of the same goals for the Silicon Valley region— to promote candidates for office who will champion a strong economy and foster a climate for economic development. The blatantly racist image on the SVO website led CAA to swiftly resign from the SVO PAC on Wednesday, Oct, 28, 2020. That action is counter to CAA’s culture and stated policies. Due to CAA’s contributions to the SVO PAC, CAA met the legal threshold for being one of the donors listed… Read More
In Tuesday’s election, voters will decide the future of California’s rental housing industry. The apartment and rental home business faces an existential threat with Proposition 21, a statewide rent control measure that threatens to dismantle California’s most important landlord-protection law. At the same time, strict rent control measures are going before voters in the cities of Sacramento and Burbank.
The California Apartment Association will soon release an updated edition of its Managing Rental Housing textbook. Managing Rental Housing offers a veritable encyclopedia of state rental housing law, explains the cycle of the tenancy, and provides practical information needed to operate rental property efficiently, ethically, and profitably in California. CAA’s premiere textbook has been thoroughly updated for its 10th edition. It is more user-friendly and addresses the biggest change in California landlord-tenant law in decades: The Tenant Protection Act of 2019, also known as AB 1482. The book is expected to be available in a print edition and electronically in… Read More
Several months into the pandemic, COVID-19 has spawned 40 million cases across the globe and caused one million deaths. In the U.S. alone, a quarter-million coronavirus fatalities are expected by year’s end. Also in the U.S., gross domestic product sank 11% from the fourth quarter to the second quarter — the biggest drop in economic activity ever seen in the United States. At one point, the unemployment rate approached 15%. Renowned economist Christopher Thornberg reviewed these “eye-popping” numbers Wednesday during the California Apartment Association’s Orange County Outlook 2020 virtual event.
Against the backdrop of the COVID-19 pandemic, economist Peter Linneman this week explained why single-family home sales have performed better than he’d expected and some reasons he’s bullish on multifamily. Linneman offered an economic analysis and some predictions during Wednesday’s Walker Webcast: Magic 8 Ball for the Markets, hosted by Willy Walker, chief executive officer and president of Walker & Dunlop. Linneman previously predicted that the COVID-19 pandemic would torpedo home sales, and while sales indeed dropped in April and May, it wasn’t the collapse that the economist initially anticipated. He said his earlier assessment missed the phenomenon of “involuntary… Read More
Supporters of extreme rent control have released “misleading” TV commercials promoting Proposition 21, according to fact checks by news media organizations throughout California. Proponents of Prop 21 are attempting to bring back the radical forms of rent control that proliferated in California in the 1970s and ’80s. Their advertising, however, fails to accurately describe the measure or the chilling effect it would have on affordable housing production. KCRA-TV, Northern California’s largest station, called two ads supporting Prop 21 on TV ads “misleading.” Among its criticism: ads say that homelessness would be reduced yet there is no provision in Proposition 21… Read More
The city of Davis has unveiled a grant program to support residents at risk of displacement due to non-payment of rent related to the COVID-19 pandemic. The Emergency Tenant Based Rental Assistance Grant Program also aims to offset corresponding lost revenue experienced by landlords. Funds are being awarded to Davis rental households on a first-come, first-served basis upon receipt of a complete application. Yolo County has issued a similar program in support of the unincorporated and the other incorporated areas of Yolo County. The program provides a one-time rent and utilities relief grant directly to landlords on behalf of low-income… Read More
The city of Sacramento wants community input as it updates its housing strategy for the next eight years. To gather that feedback, the city has created a Virtual Community Plan Area Workshop. The workshop includes multiple-choice surveys asking residents to choose the best policy options to achieve the following: Increase overall housing production Increase affordable housing production Advance equity and inclusion Protect residents from displacement Each survey includes about a half-dozen policy actions, and survey participants are asked to choose their favorite three. On the anti-displacement survey, for example, potential policy actions range from enhancing rent stabilization and eviction protections… Read More