A few minutes ago, Governor Newsom signed AB 1482 which provides rent control and just cause eviction protections. There are many provisions that will impact you. However, for most of the state and Los Angeles and Santa Monica, the provisions should not adversely impact your values. There will be a lot of agents blasting and calling saying “Sell Now!” However, that may provide for buying opportunities.
The technical provisions will add to your workload for sure. Attached is a complete outline from the California Apartment Association (CAA). CAA fought for your property rights and obtained many changes in the bill for our benefit. Having this milder form of rent control will make it harder for Weinstein to get rid of Costa Hawkins Vacancy Decontrol. We will see Prop 10 (2.0) on the ballot again in 2020. We spent $70 million to protect you last year. Let’s hope we can defeat it again. If we lose Vacancy decontrol, it would be a disaster.
Please call me with questions on the technical provisions and how it may relate to your properties.