Proposition 10 Has Been Defeated in California
Last night, the voters of California spoke loud and clear in alignment with the rental housing industry, with the economic consensus and with owners and residents alike, reaffirming that destructive retreaded policies like rent control have no place in addressing their ongoing housing affordability issues.
Proposition 10 failed at the ballot box 62 percent to 38 percent. This victory cannot be overstated and comes as a big win not only for California, but for the industry at-large, which defeated what was appropriately dubbed an existential crisis for rental housing.
As affordability issues develop in many urban metroplexes, state and local governments will understandably be on the hunt for policies to help curb price increases. They will find industry-led solutions making a difference in their local communities.
Whether it is LIVE Denver in Colorado, providing a stand-out example of what a public-private hybrid voucher program can accomplish, or NestQuest in Houston, working with the existing Section 8 program to help break the cycle of poverty, there are solutions appearing all over the country to address this affordability crisis. Bold new policies, such as Miami’s redress of city parking requirements, are leading us to a future where decent, affordable housing can be accessible to all.
We cannot allow fear to drive us backward into archaic and economically unsound policies like rent control. NAA is committed to this fight and will remain vigilant in monitoring other areas experiencing rent control pushes anywhere they may surface in the future.