For the 3rd time in recent years, California voters rejected efforts to expand rent control by a resounding 20-point margin. The latest attempt, #Proposition33, would have repealed the 1995 Costa-Hawkins Rental Housing Act, a relatively balanced housing policy aimed at incentivizing new housing development by prohibiting municipalities from capping rent on vacant units, single-family homes and apartments built after Feb. 1, 1995. With a statewide housing shortage totaling one million units, the solution to California’s affordable housing crisis is clear: WE NEED MORE SUPPLY!! Additionally, the Los Angeles Times published a new article with the #Prop33 election outcome. https://lnkd.in/gUZp5HF2 For more insight, see the link to my blog below: https://lnkd.in/grxMpqzg
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California voters, have you decided where you stand on Prop 33? The proposition aims to expand state-mandated rent controls, with current regulations limiting increases to 5% per year plus inflation. The California Apartment Association raises concerns, suggesting that such controls could worsen the housing crisis by discouraging new construction. Stay informed on this critical ballot measure at the provided links. #CaliforniaElections #Prop33 #RentControl #HousingCrisis
What is Proposition 33 on California's 2024 ballot?
msn.com
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The New York state lawmakers, after a nearly three-week delay, passed a comprehensive budget totaling $237 billion. The budget encompasses significant policies spanning housing, healthcare, transportation, cannabis, and more. Notable provisions include a housing deal introducing a new tax break for housing construction, "good cause" eviction protections, raising New York City's cap on residential density, and incentives for office-to-residential conversions. The budget extends the completion deadline for projects benefiting from the 421-a tax break to 2031. It also includes provisions for legal basement apartments in select New York City neighborhoods and lifts the city's cap on floor-area ratio with affordability requirements. Additionally, the budget averts the closure of SUNY Downstate's University Hospital and reverses most of the proposed $1.2 billion cuts to the Medicaid program. It introduces Sammy’s Law, allowing New York City to set its own speed limits below the state minimum of 25 miles per hour. The budget addresses the issue of illicit cannabis shops, allocates funds for migrant aid to New York City, grants a two-year extension of mayoral control over city schools to Mayor Eric Adams, and implements anti-shoplifting measures, including harsher penalties for assaulting retail workers and funding for theft-prevention efforts. Furthermore, the budget allocates $250 million for an AI consortium at SUNY Buffalo, focusing on artificial intelligence research. #NewYorkBudget #HousingPolicy #Healthcare #Transportation #CannabisLegalization #Medicaid #SafetyMeasures #AIResearch #NYC #Legislation https://lnkd.in/eefGGt6f
What's in the New York state budget: housing, speed limits, Medicaid, weed shops
crainsnewyork.com
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Haven't seen much talk about this. The Biden Admin has been dragging their feet on finalizing a fair housing rule aimed at tackling segregation that they proposed in Jan '23. Civil rights groups are understandably frustrated - this was a big promise of the Biden camp that everyone involved thought would be done by now. Why the delay? Election-year politics and fear of how this would be used against the Dems by Trump to suburban voters. It's my suspicion that the delay of this rule is why Marcia Fudge curiously resigned as HUD Secretary in March. And now ... with the deadline ticking towards the election ... civil rights and housing advocates are split on whether to push the Biden Admin to release the rule now (does not require Congress) or to wait until after the election. Because they've waited this long - the rule would now fall within a calendar window that allows rules to be revoked by the next Congress. And any revoked rule would need major revisions before it could be reintroduced by a future administration. So because they've waited ... if they release it now, Dems lose, Trump revokes ... its gone for good likely. No release - Dems win in Nov - they immediately release & implement. An interesting story to keep an eye on. The proposed rule would require states and localities to submit equity plans every five years to HUD, detailing strategies to address fair housing issues, with annual progress reports and a mechanism for the public to file complaints if local governments fail to comply.
Fair housing ‘letdown’ triggers frustration with Biden
politico.com
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Top California Democrats come out against rent control ballot measure: In a surprising turn of events, top California Democrats Sen. Toni Atkins and Assemblymember Buffy Wicks, alongside major unions, have voiced opposition to a rent-control ballot measure. This initiative, pushed by Michael Weinstein and supported by some GOP members, aims to lift restrictions on rent control for newer apartments. Critics argue it harbors a clause that might stymie housing growth by enabling cities to enforce stringent affordability requirements. The discord illustrates complexity in addressing California's housing crisis, transcending traditional party lines. While the measure intends to help renters amidst escalating prices, concerns over potential housing production halts spark a contentious debate. As the political landscape takes shape, stakeholders on both sides prepare for a significant showdown come November. Read more:
Top California Democrats come out against rent control ballot measure
politico.com
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Ding, ding - Round 4 is about to begin. Here is our alert from last week on the affordable housing legislation making its way through the legislature. Whether this legislation gets adopted or not, there will be a Fourth Round come July 2025.
Legislation designed to address NJ's Fourth Round affordable housing cycle has been making its way through the Legislature and was passed in the Assembly on February 12th and is in committee with the Senate. Bill A4 (S50) seeks to codify the upcoming Fourth Round, which starts July 1, 2025. Read our alert, authored by Craig Gianetti, Stephen Catanzaro and Nicole Magdziak, to learn about the key aspects of this Bill. #AffordableHousing #NJBill #Redevelopment #RealEstateLaw
Fourth Round Affordable Housing Legislation Makes Its Way Through New Jersey Legislature
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🏡 Attention California Homeowners (and renters)! This November, Californians will be voting on Proposition 33, a measure that poses a significant threat to homeowners across the state. 🚨 Prop 33 would repeal the Costa-Hawkins Rental Housing Act, giving local governments the power to impose extreme rent control measures without requiring a vote from residents. This could mean severe restrictions on your rights as a homeowner, potentially devaluing your property and limiting your control. 😱 📢 Why Should You Vote NO on Proposition 33? 1️⃣ Eliminates Homeowner Rights and Protections: Prop 33 would strip away essential protections for homeowners, giving local politicians and unelected rent boards unprecedented control over rental prices, even on single-family homes. 🏠 2️⃣ Expands Extreme Rent Control: This measure could impose strict rent control, which would not only impact homeowners but also discourage new construction, reduce the supply of rental units, and ultimately increase housing costs. 🏗️💸 3️⃣ Worsens California’s Housing Crisis: California is already facing a housing crisis, with a need for 3.5 million new homes by 2025. Prop 33 does nothing to build new housing and will only make the crisis worse by discouraging future construction and investment in the housing market. 🏡🚫 📊 This measure has been on the ballot twice before and failed. Voters have already recognized that this is not the solution to California’s housing problems! ❌ ✅ Together, our voices can make a difference! Let’s protect homeowner rights and vote NO on Proposition 33 this November! 🗳️ #NoOn33 #VoteNoOnProp33 #ProtectHomeownership
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🏡 Pro-Housing Policies: A Win for Communities and Leaders Alike 🏡 Think building more housing is a political risk? Think again. Across the country, leaders championing affordable housing options like duplexes, townhomes, and apartments are not only pushing meaningful change—they’re winning elections. 📊 Data from Washington, Oregon, and Montana shows that legislators supporting housing reform overwhelmingly secure re-election or advance to higher office. Why? Because voters recognize the value of making homes accessible for all. 💬 As one Washington senator said, "Everyone needs a home." When housing policies address affordability and create opportunities for first-time buyers, the benefits speak for themselves. 🔑 The takeaway? Bold, pro-housing leadership isn’t a liability—it’s a path to building stronger, more inclusive communities. Read how leaders across the U.S. are proving housing reform works—and wins. #AffordableHousing #ProHousing #MissingMiddle #Duplexes #CommunityFirst #HousingSolutions
In Race after Race, People Keep Electing Pro-Housing Politicians - Sightline Institute
https://www.sightline.org
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🏡 Attention California Homeowners (and renters)! This November, Californians will be voting on Proposition 33, a measure that poses a significant threat to homeowners across the state. 🚨 Prop 33 would repeal the Costa-Hawkins Rental Housing Act, giving local governments the power to impose extreme rent control measures without requiring a vote from residents. This could mean severe restrictions on your rights as a homeowner, potentially devaluing your property and limiting your control. 😱 📢 Why Should You Vote NO on Proposition 33? 1️⃣ Eliminates Homeowner Rights and Protections: Prop 33 would strip away essential protections for homeowners, giving local politicians and unelected rent boards unprecedented control over rental prices, even on single-family homes. 🏠 2️⃣ Expands Extreme Rent Control: This measure could impose strict rent control, which would not only impact homeowners but also discourage new construction, reduce the supply of rental units, and ultimately increase housing costs. 🏗️💸 3️⃣ Worsens California’s Housing Crisis: California is already facing a housing crisis, with a need for 3.5 million new homes by 2025. Prop 33 does nothing to build new housing and will only make the crisis worse by discouraging future construction and investment in the housing market. 🏡🚫 📊 This measure has been on the ballot twice before and failed. Voters have already recognized that this is not the solution to California’s housing problems! ❌ ✅ Together, our voices can make a difference! Let’s protect homeowner rights and vote NO on Proposition 33 this November! 🗳️ #NoOn33 #VoteNoOnProp33 #ProtectHomeownership
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Legislation designed to address NJ's Fourth Round affordable housing cycle has been making its way through the Legislature and was passed in the Assembly on February 12th and is in committee with the Senate. Bill A4 (S50) seeks to codify the upcoming Fourth Round, which starts July 1, 2025. Read our alert, authored by Craig Gianetti, Stephen Catanzaro and Nicole Magdziak, to learn about the key aspects of this Bill. #AffordableHousing #NJBill #Redevelopment #RealEstateLaw
Fourth Round Affordable Housing Legislation Makes Its Way Through New Jersey Legislature
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We are continuing the fight for the future of the City of Brunswick against the destruction of homes in our community through a forced interchange mandate that was placed into law in March of 2023. Tomorrow (11/19/24) I will be testifying in front of the Ohio House Economic and Workforce Development Committee in support of the passage of Amended Senate Bill 155 which repeals the forced highway interchange mandate. We are getting closer to a repeal and tomorrow is the next step in the ongoing battle. Here is an excerpt of my remarks: "On March 31, 2023, in the biennial transportation budget (HB 23), a provision was inserted into the Ohio Revised Code (ORC 5501.60) that has caused immediate and severe impacts into my community. ORC 5501.60 requires that a new highway interchange be forced into any Ohio community when specific characteristics are met and – if this code provision remains into law – will force future new highway interchanges into any community that meets the criteria as Ohio's population continues to change. This is a radical departure from the data-driven decision making that typically governs how highways develop in conjunction with consultation with traffic professionals. Instead, ORC 5501.60 is solely designed for one reason: to force a highway interchange on to Boston Road – a residential neighborhood on the border of Medina and Cuyahoga Counties. If this interchange is forced on Boston Road – hundreds of residents will lose their homes at the hand of big government through eminent domain. For the last two years, these families have wondered if this holiday season will be the last they spend in the family home or if their children will be forced into a new school district. This is not a guess – a study was commissioned following the passage of HB 23 by the City of Strongsville that showed the implementation of the highway interchange into this neighborhood would turn Boston Road into an unlivable traffic nightmare, would displace dozens upon dozens of families, and would negatively impact traffic in the region. The entire point of ORC 5501.60, presumably, was to help with congestion or traffic concerns in the region but the study that has already been conducted has shown that an interchange on Boston Road would do the exact opposite – traffic would increase, no meaningful improvements would be shown anywhere in the region, and homes would be destroyed. ... To pass Amended Senate Bill 155 repeals the forced mandate and ensures the study begun by ODOT is completed without interference and it is the best outcome for all the residents of the region to allow the traffic experts to conduct a study without a predetermined result. On behalf of the City of Brunswick, I am requesting the passage of Amended Senate Bill 155. With your vote – you can undo the nightmare that has been hanging over my community – and the residents impacted will be safe from the government destroying their homes."
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Partner at PMI Properties. 45 years and 5 cycles in Profitable Real Estate Investment
1moThanks for sharing these insights—supply really is key in balancing the market.