Real estate firms dig deep to fund fight against rent control measure

Proposition 10 would repeal Costa Hawkins Rental Housing Act

TRD LOS ANGELES /
Aug.August 08, 2018 04:00 PM
Essex Prop 10 CEO Michael Schall, Aids Healthcare exec Michael Weinstein (Credit: iStock)

In the fight against rent control, real estate firms are not holding back.

Opponents of the Proposition 10 measure have contributed over $21 million to fight a November ballot measure that could expand rent control across California, Curbed reported.

Western National Group, an Irvine-based real estate investment firm, contributed over $3.7 million. Essex Property Trust, based in San Mateo, has donated more than $2.4 million. Chicago-based Equity Residential donated about $1.7 million, while the California Association of Realtors added $1.5 million.

The real estate industry contributions are badly outpacing spending by supporters of the ballot measure, including its main backer, the AIDS Healthcare Foundation. 

The foundation, led by fiery housing advocate Michael Weinstein, announced Friday it would be contributing $10 million to fund the measure. So far, supporters have only raised $2.5 million.

Proposition 10 would repeal the 1995 Costa Hawkins Rental Housing Act, which limits the rent control policies that cities can enact. Single-family houses, duplexes and condos cannot qualify, and landlords can also reset the price of a unit once a tenant voluntarily moves out.

Opponents of the measure say it would exacerbate the housing crisis by deterring new construction, and lead to higher prices. Supporters, meanwhile, argue it’s a necessary measure to tackle the state’s affordability crisis.

Housing prices in the county have been rising for nearly a decade. Since 2010, they have grown nearly four times as fast as incomes. A recent report by the California Housing Partnership found that more than 800,000 households qualify for affordable housing, yet there are fewer than 300,000 available across Los Angeles County. [Curbed] — Natalie Hoberman


Related Article

arrow_forward_ios
AB 1482 is set to cap rents on units across the LA area (Credit: Wikipedia and iStock)

Here’s what California’s rent control bill means for LA County

From left: California Governor Gavin Newsom, Governor of New York Andrew Cuomo, and California Assembly Member David Chiu (Credit: Getty Images, iStock, and Wikipedia)

The breakdown: How California’s new rent control law compares to New York’s

Gavin Newsom and Assemblyman David Chiu

Rent control has come to California

The Los Angeles County Board of Supervisors

LA County moves closer to permanent rent control ordinance

From left: Governor Gavin Newsom, Assemblymember David Chiu, Senator Holly Mitchell, and Senator Nancy Skinner (Credit: Getty Images)

Here are the key housing and rent control bills state lawmakers are debating

Assemblyman David Chiu, author of AB 1482 (Credit: iStock)

With statewide rent control on horizon, some LA landlords start hiking rents

A map of the effected areas (Credit: Google Maps and iStock)

Here are the LA cities that have passed strict rent regulations since Prop 10’s statewide defeat

Culver City Mayor Meghan Sahli-Wells and Culver City (credit: Antonio Wu via Flickr)

Culver City joins LA-area cities adopting rent control measures

arrow_forward_ios