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Proposition 10 is on the ballot in California this election year. Prop 10 aims to expressly repeal Costa Hawkins Rental Housing Act, a law that has effectively fenced in rent control in the state since the mid-1990s. The law limited rent control measures to pre-1995 vintage buildings and also barred local municipalities from implementing vacancy control measures, which prohibit property owners from pricing apartment units to market once vacated.
This is nothing short of an existential threat to the multifamily industry, posing a greater risk than any issue the industry has faced in decades. Simply put: A city would be able to put rent caps on new construction and limit what an owner can charge for rent forever — even after a resident moves out.