10/30/2024
People have strong opinions about rent control. Whatever side of the fence you’re on, please read over prop 33 before voting. It will actually make it harder for people to get a rental.
Since the last rent control law took effect, AB1482, rents have gone up exponentially. Why? Because many owners that hadn’t raised rents for years decided to start increasing rents the maximum allowable amount. We have seen rents skyrocketing over the last four years.
There are also other factors, such as high prices for properties and high interest rates that can affect rental prices, as well as increased property taxes, utilities and insurance.
What we really need in California is more housing, especially low income housing. Prop 33 will have a negative effect on building multi family units. We don’t need to discourage this type of development. We need to reclaim some of the commercial properties that have been sitting empty for years and convert them into residential properties. We need incentives to build, not limits.
Every year, College Real Estate evaluates the properties we manage to see if the rents are reasonable and if they should be increased. I have advocated for conservative increases if any. Some of our owners have actually elected not to increase rents at this time.
I think it’s important to remember that not all landlords are corporations and billionaires. They are small local business owners. That’s what rental property is, a business. If we make it impossible for the small business owners to survive, we will end up with only corporate owners. It will be the Wallmartization of real estate.
Now, go vote!
