Two California Ballot Initiatives to be Aware of this November…

Election officials in California have assigned numbers to two initiatives that have the potential to cause tremendous impact on property owners:

Proposition 15: Intended to “revise” California’s property tax law that was originally introduced as Proposition 13 in 1978. Proposition 15 allows for higher property taxes on commercial and industrial properties while allegedly keeping the tax measures for residential and agricultural properties in place …for the time being.

Proposition 21: Known as the “Rental Affordability Act” will allow for statewide rent control on all housing that is at least fifteen years old with the exemption of single family homes that are owned by individuals that have no more than two rental properties. If this measure were to pass it would replace any local rent control ordinances already in effect.