Market Overview

Oakland City Council Endorses Prop 10 to End Skyrocketing Rents

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On July 24, the Oakland City Council voted unanimously to
enthusiastically endorse Proposition
10
. The statewide ballot measure will allow communities to urgently
address California's housing-affordability and homeless crises by
limiting rent increases.

Oakland City Councilmember Rebecca Kaplan said, "Proposition 10 will
bring much needed local control back to communities to create stability
for renters in Oakland and across California. I am proud that the
Oakland City Council has stepped up and endorsed a much needed tool to
help keep rents affordable and people from falling into homeless."

According to Trulia, Oakland saw a 51.1% price spike from a median rent
of $1,952/month in 2012 up to $2,500/month in 2017.

Oakland City Councilmember Dan Kalb said, "Prop 10 will return
decision-making to local communities to help level the playing field for
renters in cities across our state. We have seen speculators take over
rental markets in California sending rental prices skyrocketing to
dollar amounts that working people can't afford." He added, "This kind
of price gouging has exacerbated the homeless crisis as never seen
before. Working residents have been forced to live in cars and tents,
and in conditions that are not humane. Let's pass Prop 10 to reduce
displacement of our residents and give control back to local communities
like Oakland so we can work to protect individuals and families
struggling to keep a roof over their head."

While teachers, nurses, seniors, and working-class families struggle to
pay skyrocketing rents, corporate landlords and Wall Street speculators
profit. Even worse, corporate landlords Blackstone Group, led by CEO
Stephen Schwarzman, and Equity Residential, founded by Sam Zell, are
funding the opposition campaign. The Wall Street companies who played a
major role in creating the nation's worst housing affordability and
homelessness crises are opposed to the Prop 10 effort to address it.

Prop 10 would close the current loophole in California rent control laws
that allow rent increases to skyrocket in cities like Oakland. The
initiative also guarantees landlord's right to a fair rate of return,
bringing stability to the rental markets, mitigating displacement and
creating economic equality.

Lead Strategist Joe Trippi of Yes on 10 said, "We are pleased to welcome
the City of Oakland to this epic David and Goliath effort to return
power to local communities. The rent is too damn high, and far too many
hard-working people are being forced into the streets."

The City of Oakland joins a large and growing coalition of labor,
housing advocacy, community, and civil rights organizations who support
Proposition 10, including the City of West Hollywood: www.affordablehousingact.org/endorsements.

Follow #YesOn10 on Facebook
and
Twitter.

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