Our mid-term election is just around the corner... November 6th to be exact! While this isn't a presidential election there are many new measures and positions up for election. We don't claim ourselves to be political experts by any means. However, there are several real estate related measures and propositions on the ballot, specifically Prop 5, Prop 10, and National City's Measure W. What does this all mean and how can you make sense of it?
Brad recently went on AM 760 to break it all down for us. Check it out!
Key Points & Time Markers:
- 10:06 Prop 10 property rights and rent control: Prop 10 pertains to the Costa Hawkins act. It's been in place since 1995 to restrict rent control and restrict vacancy control. The Costa Hawkins Acts protects home owners.
- 14:30 What does voting yes or not on Prop 10 Mean? Voting NO on Prop 10 will keep Costa Hawkins Act in place. Voting YES on Prop 10 will REPEAL the Costa Hawkins Act.
- 16:06 Impact on the individual homeowner in property values and rent control.
- 16:40 Affordable rentals and housing supply.
- 17:22 Measure W and the potential impact of homeowners in National City trying to sell their properties.
- 18:45 Unintentional consequences of Prop 10.
- 19:00 Good intentions for tenant rights in Prop 10 and National City Measure W.
- 20:17 National City Measure W.
- 22:48 Measure W and it's impact on landlord repairs and improvements to property.
- 23:50 Measure W and rent control's impact on new development.
- 24:35 Surrounding communities to potentially implement rent control if Prop W passes in National City. (ie El Cajon, Escondido, Chula Vista, La Mesa and others)
- 26:35 Massive relocation costs imposed on the homeowner.
- 27:30 Prop 5, a rewrite of existing Prop 13 which effects your property taxes.
- 28:20 Prop 60 & 90 which allows a one time transfer of your tax basis.
- 29:50 Statewide cooperation of property tax transfers.
- 30:35 Explanation of Prop 5 and it's changes from Prop 60 & Prop 90.
- 32:45 Prop 10 Recap
- 33:35 Gap in rent control versus non-rent controlled properties, unintended consequences.
- 35:15 Prop 5 Recap