COURTESY OF CHARLESTON’S THE DIGITEL/FLICKR
California renters pay nearly 50 percent more on rent than any of the other 50 states, according to the official voter information guide.
Data collected by Investors.com displayed that, of the top 100 most expensive cities to rent in the United States, Bay Area cities made eight of the top 20 spots on the list.
It is no news that the Bay Area is one of the most expensive places to live in the country, but with the upcoming midterm elections, Prop 10 aims to ease the pain of renters in the Golden State.
Information gathered from voterguide.gov reveals that advocates for this proposition would bring the era of rent control back, placing limits on the amount that landlords can raise rent prices in local communities.
This proposition would also repeal the Costa Hawkins Law of 1995 which limited municipal rent control ordinances and set boundaries on the power of cities to control rent within their borders.
According to voteyesonprop10.org, supporters for Prop 10 supporters include the League of Women Voters, California Democratic Party, California Teachers Association, SEIU, AFSCME, and the California Nurses Association. All of these organizations support the message conveyed in the California voter guide that said, “Prop. 10 doesn’t mandate new laws or bureaucracies for any community—it just gives you, the people, the power to develop rent control policies for your community.”
Rent control sounds like a good idea for Bay Area residents, but there are many who are opposed to the passing of the proposition.
A “no” vote on Prop 10 means the current laws would remain in effect and allow individual cities and counties to have authority over pricing. The people forming arguments against this proposal expressed their fear of housing being under the control of bureaucrats and spoke of additional fees that will be added on top of high rents.
“More regulation won’t help the market and it won’t help those in need of housing. Rent control adversely affects landlords because the cost of maintaining properties is continually rising, but their compensation from rent stays the same,” said Kaeleen Costa, a former political figure and current landlord.
Another potential negative outcome of Prop 10 is that landlords can discontinue rent to people in need and ultimately see their properties.
“We’re divesting out of California to other states. I could sell my house if it weren’t viable to rent it. Through a 1031 exchange, I could sell my house and buy three properties in another state without paying all of the taxes,” said Costa.
Whether voters chose to vote yes or no on Prop 10 in the upcoming election, the important thing is that voters get out to the polls.
Everyone’s vote matters and it is is an extremely important part of a functioning democracy to get one’s voice heard. The deadline to get registered to cast your ballot online is October 22 and the election day is on November 6.