Proposition 10, the supposed “Affordable Housing Act” has been a hotly contested proposition set to go before voters on November 6th.
As Californians struggle to pay some of the highest rents in the nation (in part due to the Short Term Vacation Rentals industry), true affordable housing is vital to a healthy economy as California renters currently shell out more than 50% of their income in rent.
Proposition 10 is the repeal the Costa-Hawkins Rental Housing Act. In essence it opens the door for cities to implement rent stabilization and rent-control policies, over turning the act that was put in place over two decades ago.
What does overturning the Costa-Hawkins Act truly lead to? For one, Prop 10 could potentially reduce state and local revenue by “tens of millions of dollars in the long term.” according to legislative analysis and is due to projected losses in property taxes