I don’t usually push political issues but these two Propositions are really important.
The following information is provided by The California Association of REALTORS®
C.A.R. (YES) on Proposition 5 – Property Tax Fairness Initiative
• Seniors and the disabled are stuck in homes ill-suited to their needs because they can’t afford to pay higher property taxes.
• Prop 13 keeps property taxes from escalating with home values, but when someone sells and buys a new home, they can end up paying more in property taxes. Seniors and the disabled often can’t afford the new taxes and are stuck where they are.
We call these increased taxes a “moving penalty.”
Those on fixed incomes can’t afford to pay it.
Prop 5, C.A.R’s Tax Fairness Initiative
• Allows seniors, the disabled and natural disaster victims to transfer some of their property tax savings to a new home.
• Also creates homeownership opportunities for other families.
C.A.R (NO) on Proposition 10 – Repeal of Costa-Hawkins Limitations on Rent Control
Current Law (Costa-Hawkins)
Local governments can enact rent control laws with these limitations:
Can’t apply to new buildings;
Can’t apply to single-family homes; and
When a unit is voluntarily vacated, the rent can be reset to market value.
What Prop 10 will do:
It removes all these limitations:
• Local governments will be able to set rents on single-family homes.
• They will be able to apply rent control to new buildings.
• Rents could be controlled without limit.
The Consequences of Prop 10
• There will be fewer rental units available
• New rental units won’t be built
It is YOUR VOTE that counts on November 6th.