Proposition 10 is bad for landlords and renters
Sand Box by Amy Cimetta Proposition 10 is the latest chapter in the housing affordability crisis. Many perceive it as a David and Goliath showdown where Goliath charges David an exorbitant rent for a rundown, one bedroom apartment with a leaky faucet, street parking, and no pets. The cries for rent control to end the madness are deafening: We need to make housing affordable. Proposition 10, which effectively increases each city’s ability to restrict residential property owners’ use of rental units, is not the solution. If Prop 10 is approved, it will repeal the Costa-Hawkins Rental Housing Act, which was enacted in 1995 to stop the downward spiral in which rent control cities found themselves. In cities such as Santa Monica, rent control made it no longer economical for landlords to maintain their rental properties. In many cases, they pulled rental units off the market. Vacant properties became rundown or were converted to condominiums. Instead of an increased number of affordable housing units, Santa Monica lost thousands of rental units. Although rent control may benefit tenants in the short run, many economists have come to the conclusion that rent control ultimately reduces…
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