Vote No On Prop 15 & Prop 21
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Vote no on Prop 15 aka “the Split Roll Initiative”
If this law passes it would raise property taxes on commercial and industrial property individually worth more than $3,000,000. Proposition 15 will shift from taxing commercial properties based on purchase price to assessed (no more than two years prior to) market value. It would do this by removing the property tax protection for businesses granted in 1978 under the state’s landmark Proposition 13. As California commercial real estate owners and operators we can all agree it is imperative to property value and cash-flow to minimize expenses and protect our rights under Proposition 13.
Vote no on Prop 21 aka “Rental Affordability Act”
Can you imagine the detrimental ripple effects on multifamily property values without buyers having the right to achieve pro forma rents on the acquired building? Proposition 21 will repeal pieces of California’s current rental housing laws known as Costa-Hawkins and institute various strict rent control measures. A repeal of CH was attempted in 2018 and failed to pass. Currently local governments can only apply strict rent control measures on multifamily apartments built prior to February 1, 1995. Proposition 21 would restrict landlords ability to increase rent to market rates when a new tenant moves in, leaving a lasting impact on the CA multifamily market.