FOR IMMEDIATE RELEASE
Contact Mike Nemeth, communications director, at (916) 449-6426
The California Apartment Association remains steadfastly opposed to AB 1482, the statewide rent control bill, which fails to address the ongoing housing shortage and stands to make the problem worse.
The bill, by Assemblyman David Chiu, D-San Francisco, passed off the Assembly floor this week and advanced to the state Senate.
“It makes no sense to cap rents unless you’re also going to cap all of the operating expenses that apartment owners incur,” said Tom Bannon, CAA’s chief executive officer. “And there’s nothing in this bill that encourages one new rental unit in the state of California.”
Instead of addressing the crux of California’s housing crisis — a stark imbalance between jobs and housing – AB 1482 stands to make the state’s housing shortfall worse by creating a disincentive for investors to build the apartments that working families so desperately need, Bannon said.
“It defies logic that the state Legislature continues to advance rent cap legislation, which will worsen California’s housing shortage, while rejecting legislation that would actually promote new homes, like SB 50, which would prohibit bans on apartment construction near jobs centers and public transportation,” he continued. “This push for statewide rent control also comes just months after voters resoundingly rejected Proposition 10, the statewide rent control measure on November’s ballot.
Bannon also pointed to AB 1482’s lack of means testing. The bill would cap rents for the state’s wealthiest residents but offer no assurances of help for families most in need of housing.
“It’s time we work together to advance policies that will add housing that working families can afford instead of blanket policies that don’t address the real problem — a lack of supply,” he said.
The California Apartment Association is the nation’s largest statewide trade group representing owners, investors, developers, managers and suppliers of apartment communities. CAA recognizes its ethical duties to the communities its members serve and insist on upholding the utmost integrity in the multifamily housing field. CAA’s Code of Ethics guides the association’s dealings with all people, and we encourage all rental housing professionals to abide by it.