Some members of the California Legislature appear committed to raising taxes on landlords and interfering with their ability to sell their investments.
One proposal, AB 2710 by Assemblyman Ash Kalra, D-San Jose, would create an immediate hurdle for owners wanting to put their property on the market.
Under Kalra’s bill, rental owners would be prohibited from putting their properties up for sale — whether they be apartments or a single-family rental — until they’ve given advance notice to “qualified entities,” such as certain tenant organizations, community land trusts and affordable housing nonprofits. The notified groups would then have first right to purchase the property and receive excessive time — nearly one year — to secure financing. A group that expresses interest in buying the rental property would then have to contact each tenant to share the news, a potential invasion of privacy.
The California Apartment Association and a coalition of business groups sent this letter to Kalra outlining its objections.
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