Vote No on Prop 10!
Vote No on Proposition 10
This November, California voters will have to consider a dozen ballot measures, including Proposition 10. Lyon Stahl Investment Real Estate joins the many statewide and regional organizations opposing Prop 10 and urges California voters to stay informed and Vote NO on Prop 10.
The three main provisions of the Costa Hawkins Act include:
- Protecting landlords’ rights to raise rents to market rate (once a tenant moves out).
- Preventing cities from establishing rent control on units constructed after February 1, 1995.
- Exempting single-family homes from rent control restrictions.
Repealing the Costa-Hawkins Act expands the local government’s authority to enact rent control on residential properties, bringing extreme forms of rent control back to California.
Facts About Prop 10
- Prop 10 is a damaging and flawed measure because it does not provide an effective solution to the California housing crisis, rather it repeals a crucial California housing act with no replacement plan or effort to deal with the increasing homelessness crisis.
- Prop 10’s contradictory nature will actively drive up rental prices by incentivizing property owners to take rental units off the market and turn them into vacation listing services, in turn reducing affordable and middle-class housing and further driving up housing costs.
- The passing of Prop 10 strains affordable housing developers, taking away their incentive to invest in new housing projects, halting new construction, and ultimately resulting in less housing at a higher cost
- Prop 10 withdraws homeowner protections by restricting what homeowners can do with their homes. It allows regulators to dictate how much single-family homeowners can charge to rent out a single room in their homes. Landlords will also be less inclined to maintain their rent-controlled properties, reducing the quality of rental housing, making units less livable for renters.
- Property values may be reduced by more than 10% with Prop 10, potentially causing California homeowners to lose an average of $60,000 in the value of their home. Properties are most people’s single best financial investment, therefore, such a substantial loss will negatively impact the economic well-being of homeowners
- Proposition 10 not only hurts homeowners, but extends to negatively impact the most vulnerable populations within our communities, seniors and veterans. Many seniors and veterans rely on the supplemental income of their rental units, and the passing of Prop 10 threatens their safety-net income, putting them at risk of being forced out of retirement and back into the workforce to make ends meet.
- Overall, Prop 10 will suppress the supply of housing, negatively impact landlords, renters, and vulnerable communities, and ultimately deepen the crisis in California.
Lyon Stahl Votes NO on Proposition 10 and encourages you to get involved by visiting https://noprop10.org/ and joining the campaign against Proposition 10!