CA PROP 33. Latest Attempt to END Housing Affordability and Property Rights

are you tired of the city life in recent years in the wake of some Global events many Americans have found themselves wanting to relocate in search for a new frontier away from the city life the homelessness crowded areas high crime and Chaos for many they wish to capitalize on the freedom that remote work provides for some finding affordable housing looking for Rural locations to save money the move toward Rural America is still going the National Association of Realtors still support this trend the reason people are looking for better quality of life housing affordability safety more space less pollution connecting with nature and more freedom in this channel we analyze real estate market trends and examine all the different areas throughout the US where opportunities are for those who are looking to get out of the cities and start a new life for them and their families if you're looking to relocate anywhere in the US please contact me to schedule assum consultation I have been a real estate broker for almost two decades with experience in relocation strategies and we be happy to assist you in your particular situation hello everyone today I would like to go over a new measure here in California the so-called Justice for renters act known as proposition 33 it will go go before voters on November 5th which aims to repeal 1995's Costa Hawkins rental Housing Act the state's most important rental housing Protection Law and allowing the following to take place instead number one allowing cities and counties to limit rent on any housing and limit the rent for firsttime tenants and number two adding language to state law to prohibit the state from limiting the right of any City County or city and county to maintain enact or expand residential rent control if pass what will this new law mean for housing currently Costa Hawkins exempts specific properties such as single family homes and new construction from local rent control and safeguards V vacancy of control allowing landlords to adjust rents to Market rates after a tenant moves out and a new renter moves in proposition 33 is founded by Michael Weinstein president of the AIDS healthc Care Foundation who has spent at least $100 million on previous rent control campaigns and has failed to uh continue to push for Statewide rent control until a measure is passed let's now take a look at the argument in favor of this meas of this measure proposition 33 Advocates say that uh rental housing is expensive in California and that renters typically pay about 50% more for housing than renters in other states while this is true the real question is what is driving housing cost in the state of California let's consider the following number one housing inventory is low why because housing demand well exceeds Supply driving up rent prices more people are unable to buy due to higher interest rates higher cost of homeowners insurance and higher cost of living people have been accumulating a lot of debt as a result and are unable to buy housing so they most rent there is not enough housing being built due to the higher cost of new construction currently the average cost to build a meeting list price home in California is $479 per square foot largely due to draconia environmental loss in addition California is one of the least landlord friendly states in the nation many homeowners prefer to turn their homes into a short-term rental or decide not to rent at all to avoid losing their home to a tenant who decides not to pay rent finally we must look at the artificial monetary policies from the fed and the fat money system which is backed by debt combined with bad laws to figure out who the real culprits are the next argument is that several cities already have rain control therefore the rest of the state should follow suit well about 1/4th of all California's living communities will local rank control some examples are cities like Los Angeles San Francisco and San Jose Advocates argue that rank control works well in many cities to help keep people housed but is that true we know how bad homelessness has gotten in cities such as La Oakland San Francisco and San Jose where the rent where there is rent control now let's talk about the impact of this measure uh that this measure may have if it's passed while some renters who live in properties covered by rent control might spend less on rent landlord might find themselves unable to pay for property maintenance rising cost of homeowners insurance or keep up with the mor the mortgage payments many Property Owners might be uh might not be able to keep uh the property and will either have to sell it if they can or be foreclosed on as a result the new homeowner might have to evict the renter if its purchase is a primary residence and once again the tenant will have to look for another property to rent fueling the demand for housing and increasing homelessness another potential impact on rent controls is that they can reduce the uh value of rental properties because landlords are limited on the amount of rent that they can charge decreased gross potential Revenue can translate into lower valuations resulting in less property tax revenue for cities counties Special Districts and schools in addition if local rent controls laws expand local governments could have increased costs to carry out these laws these costs are likely to be paid by landlords finally who will benefit from this measure you will now be the property owner and certainly no renters as more and more landlords will be forced to either sell or not rent their properties out under these new conditions more and more renters will have to find themselves unable to uh find housing resulting in more homelessness llers unable to keep their homes vacant may be forced to sell if they can and many of them may even lose their properties the beneficiaries will likely be big corporations such as Black Rock and the state and they will be the new State's Lum Lords 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