Real Estate Investors Pour Out Money to Stop Prop 10


Some of California's largest real estate investors are going out of their way in support of defeating Proposition 10. 

Eight of California’s top owners of apartment buildings and their related business entities have donated nearly half of the $74 million raised to ensure that Prop 10 does not get passed. 

According to the ballot, A YES vote on 10 means: State law would not limit the kinds of rent control laws cities and counties could have. A NO vote on 10 means: State law would continue to limit the kinds of rent control laws cities and counties could have.

Executives and market analysts say the landlords' goal is to prevent a wave of rent control measures that might follow nationwide, calling Prop 10 am "existential threat to the industry."

“We'll fight very hard at this level, and we will continue in every other place that talks about having rent control — we'll fight at that level as well,” said David Neithercut, president and chief executive of Equity Residential, the country’s third-largest apartment owner.

Read more at the Los Angeles Times 

Photo: Getty Images


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