LOS ANGELES (CNS) - Backers of another initiative to expand local governments' authority to enact rent control on residential property have received authorization to begin gathering signatures, Secretary of State Alex Padilla announced today.
What backers have dubbed the “Rental Affordability Act” would allow local governments to establish rent control on residential properties over 15 years old. It would also allow rent increases on rent-controlled properties of up to 15% over three years from previous tenant's rent above any increase allowed by local ordinance.
The initiative exempts individuals who own no more than two homes from new rent control policies. In accordance with California law, the measure provides that rent control policies may not violate landlords' right to a fair financial return on their property.
The initiative's proponents include Michael Weinstein, a proponent of Proposition 10, the failed initiative on the November ballot which would have repealed the Costa-Hawkins Rental Housing Act, which bans local rent control on single-family homes and any housing units built after 1995.
Valid signatures from 623,212 registered voters -- 5% of the total votes cast for governor in the 2018 general election -- must be submitted by Dec. 23 to qualify the measure for the November 2020 ballot, Padilla said.
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