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California Rent Control Measure Draws Big Money
A controversial California November ballot measure that would introduce tougher rent control laws is shaping up to be a tough fight. Both opponents, as well as proponents, of Proposition 10 are attracting significant funding to convince voters to either repeal or retain the 1995 Costa Hawkins Rent Control Act.
The AIDS Healthcare Foundation contributed an additional $10 million to Yes on 10, adding to its previous donation of $2.2 million.
Prop. 10 opponents have raised more than $20 million, led by the California Apartment Association and commercial real estate industry leaders. Steve Maviglio, a spokesman for No on Prop. 10., told the San Francisco Chronicle, most of the support is coming from large apartment developers, although he said, “we have hundreds of donors and 68% are mom and pop landlords.”
Among the big donors to the No on Prop. 10 effort include Western National Group ($3.8 million), Essex Property Trust ($2.4 million) and Equity Residential ($1.7 million).
If passed, Prop. 10 would repeal a 23-year-old state law that sets tight limits on all forms of rent control across California. The law gave landlords more say in setting rents, and the new law will shift power to change or set more restrictive policies to the jurisdiction of cities and counties.
For comments, questions or concerns, please contact Dennis Kaiser
