The CBPA Board voted unanimously to oppose a ballot measure that is currently out for signatures known as “The California Local Rent Control Initiative.” The measure would repeal Costa-Hawkins Rental Housing Act, a law designed to prohibit local government from enacting rent control on buildings first occupied after 1995. According to a recent fiscal impact statement, this measure will cost local government and the real estate industry tens of millions of dollars. This measure will also have a negative impact on our state’s housing market by discouraging investment in new housing and further exacerbate lack of supply and drive prices even higher.
