Cities face limits on how they can expand rent control. Voters could change that with Prop. 33 [Los Angeles Times (CA)]
Equity Residential Common Shares of Beneficial Interest (EQR)
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Source: Los Angeles Times
Proponents argue the measure is necessary to tackle the state's affordable housing crisis and provide immediate relief to struggling tenants. Opponents argue the measure will backfire by stifling needed housing construction. Seeking to wield the power of government to keep rents low amid an affordability crisis , San Francisco officials last week passed a measure to dramatically expand the city's rent control law to cover newer buildings than it does now. The thing is, the expansion may never happen. The city first needs help from voters statewide. That's because California law currently bans local jurisdictions from placing rent control on buildings constructed after Feb. 1, 1995, and in some cities, such as San Francisco and Los Angeles, even earlier. Voters twice rejected attempts to overturn the prohibition in recent years, but they once again have the issue before them next month in what's become the most expensive statewide fight on the ballot. Proposition 33, like pr
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