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No on 10: State's Legislative Analyst Says Prop 10 May Cause Local, State Taxes To Soar

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No on 10: State's Legislative Analyst Says Prop 10 May Cause Local, State Taxes To Soar

PR Newswire

SACRAMENTO, Calif., July 25, 2018 /PRNewswire/ -- California's non-partisan Legislative Analysts Office (LAO) today said that Proposition 10, the ballot measure that repeals the Costa-Hawkins Rental Housing Act, including protections for tenants and single-family home owners, could cost local governments up to "tens of millions of dollars per year" in new costs and the state could lose up to "hundreds of millions of dollars per year" in revenues. 

In the analysis, the LAO noted that the value of rental housing would decline and that rental units also would likely be sold and no longer be available for rentals. This, say experts, would work California's affordable housing crisis even worse. 

In addition, the LAO predicts: "If many localities enacted strong rent control legislation, other economic effects (such as impacts on housing construction) also could occur." 

"The Legislative Analyst hit the nail on the head in noting that Proposition 10 will cost our state and our communities millions of dollars, reduce the number of available apartments and homes available for rental and will result in a housing freeze – which is the last thing California needs right now," said Steven Maviglio of Californians for Responsible Housing. "Proposition 10 is a lose-lose measure for our communities and renters, and will only make California's affordable housing crisis worse." 

Paid for by No on Prop 10; Californians for Responsible Housing, a coalition of veterans, seniors,
housing providers, social justice groups, taxpayer associations, and labor.
Committee Major Funding from
Essex Property Trust, Inc., and Affiliated Entities
Equity Residential
Prometheus Real Estate Group, Inc.
Funding details at: http://www.fppc.ca.gov

 

Cision View original content:http://www.prnewswire.com/news-releases/no-on-10-states-legislative-analyst-says-prop-10-may-cause-local-state-taxes-to-soar-300686720.html

SOURCE Californians for Responsible Housing

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