A ballot measure that would have allowed California cities to expand rent control protections without state government approval was rejected by voters.
SFGate.com reported that with nearly 95% of precincts reporting, the “no” votes on Proposition 33 totaled 61.6%, or 5.7 million voters; about 3.5 million people voted in favor of the measure.
The proposed Justice for Renters Act consisted of a single sentence: “The state may not limit the right of any city, county, or city and county to maintain, enact or expand residential rent control.” The measure would have repealed the 1995 Costa-Hawkins Rental Housing Act; this is the third time that an effort was made to overturn Costa-Hawkins.
The initiative was supported by California’s Democratic Party leadership, along with labor unions and tenant advocacy groups, while landlords, property owners and real estate developers were opposed.
Supporters of Proposition 33 raised roughly $50.1 million to get it passed, according to data from CalMatters, while opponents raised nearly $124.6 million to secure its failure.
;
That $50 million would’ve paid for a lot of rent to landlords for deadbeat tenants instead of wasting it on pushing more communism on Kalifornia.
Am glad majority of Californians are smart enough to figure it out.
What a waste of money on both sides. As soon as rent controls come in, that’s the end of any incentive to build. Existing rental properties get sold off and investment moved elsewhere. Supply dwindles. Econ 101…. What are they thinking?
They could have used that money towards housing the homeless!
Rent control is horrible for sp many reasons.
Thankfully there are still smart people in California that understand basic Econ 101! Supply & demand baby👍
The problem is the government wants to control rent. Here is the big problem. The numbers don’t work. The owners of the property expense keeps going higher. For example. Insurance is out of control. The owners cost is not controlled.