Housing-Related Measures on November 2018 Ballot

The Incredible Shrinking Housing Market
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This year there are a number of very important measures that will appear on our November 2019 ballot. Today I want to talk about three that will affect California housing: Proposition 1, Proposition 5, and Proposition 10.

 

Proposition 1

This initiative seeks to raise $4 billion to pay for affordable housing throughout the State of California, with most of the money going to our veterans. While I know that you may not be in favor of raising taxes, I do think that we need to start solving the problem of the lack of affordable housing. This is not going to be a cure-all, but I do think it is a step in the right direction, which is why I encourage you to vote YES.

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Proposition 5

This proposition is sponsored by the California Association of Realtors and is about property tax portability. If it passes, it will allow California homeowners who are 55 or older to sell their home and buy another in a different California county and transfer their property tax basis.

Many unions such as teachers, firefighters, and police, say this is a bad idea because it may result in a drop in revenue that will hurt their agencies. However, the California Association of Realtors believes that it will be revenue neutral and I think that it will greatly increase the supply of housing by allowing seniors to leave their larger homes for smaller ones with a lower cost. This is why I encourage you to vote YES to Proposition 5.

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Proposition 10

This proposition would repeal Costa-Hawkins that was passed in 1995 and limited the ability of local governments to impose rent control. High rents aren’t the problem—it is a lack of housing that is. When you impose rent control it dissuades developers from creating new housing which decreases the supply. To avoid a decrease in supply, you should vote YES to Proposition 10.

If you have any further questions about these propositions, or if you are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.

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