Prop 10 – Local Rent Control Initiative Loses 60% to 40%
Proposition 10 would have repealed the 1995 Costa -Hawkins Rental Housing Act. The actual text is here: Prop 10 Rent Control 2018 Text
Costa-Hawkins prohibited rent control on newly construction buildings, single family homes and condominiums. It also guaranteed the owners of existing rent-controlled buildings the right to raise the rent on a unit to market value for new tenants when the former tenants moved out.
Prop 10 would have been a disaster in terms of economics and would have raised housing prices. We dodged a bullet both tenants and landlords.
No rent control in the United States has ever accomplished what it was intended to and only restricts the supply of housing, stops the upgrading and upkeep of housing and distorts the market and creates perverse incentives and unintended consequences.
Keep an eye out for the future and always oppose government restrictions that take away basic freedoms be they economic or social.