On Monday, April 23, signatures were submitted to qualify an initiative for the November 2018 ballot that would hurt owners of rental housing throughout California.
The Housing Freeze would repeal the Costa-Hawkins Rental Housing Act, opening the door for permanent price caps on what owners can charge for rent on their properties. The California Apartment Association encourages its members to sign up today to join the campaign opposed to this initiative.
The Housing Freeze’s sponsor, Michael Weinstein, has an extensive history of fighting against new housing and opposing renters. He has spent more than $2 million to put this initiative on the ballot and will likely spend millions more to pass it. CAA members will be critical in defeating this measure.
The Housing Freeze:
- Allows rent caps on properties to be locked in place forever, discouraging new housing and encouraging condo conversions.
- Opens the door for rent control on single family homes and new construction.
- Creates uncertainty over what constitutes fair market value, which will lead to lawsuits.
- Grants new powers to regulatory bodies to impose or modify rent policies – without public oversight.
- Allows proponents to intervene in lawsuits with all their expenses paid by taxpayers – even if they lose.
Rent control reduces property values on impacted properties by up to 20 percent. This will have a real impact on people’s economic well-being as homes and rental properties are often most people’s biggest financial investments. Additionally, many seniors choose to rent their home or homes for supplemental income in their retirement years, or when they are in assisted living facilities. The Housing Freeze will threaten this safety-net income for many seniors.
If passed, the Housing Freeze cannot easily be changed without another ballot measure. That is why we need your help to defeat it and to help ensure it doesn’t become law.
