Help to save Costas-Hawkins Act

[Wei Xie]

From Apartment Association: On January 11, 2018, the California Legislature will vote in Committee to repeal the Costa-Hawkins Act. If they are successful, cities will be authorized to permanently control the rent of all properties. AB 1506 (Bloom) repeals the Costa-Hawkins Act. If it is approved by the Assembly Housing Committee on January 11, 2018, the Assembly Housing Committee will vote to grant local governments the power to prevent rent increases at the time of initial and subsequent rentals. The Assembly could also ban property owners from recovering costs when making improvements or repairs on all rentals, including single-family homes and condominiums. Owners will have no power or rights to reset rental rates to market when a unit becomes vacant. Rental property owners must raise their voices and speak out against this outrageous and targeted attack against rental property. If you live, work, own or manage property, please call Assemblymember Ed Chau, who sits on the Housing Committee, as soon as possible and ask him to VOTE NO on AB 1506 (Bloom). STEPS TO FOLLOW: 1) Call Assemblymember Ed Chau on or before January 9, 2018. 2) When the call is answered: a. Identify yourself and state you are a member of the Apartment Association California Southern Cities. b. Ask the Legislator to VOTE NO on AB 1506 (Bloom). c. Thank the Legislator’s staff for taking your call. Thank you for your continued support. Apartment Association, California Southern Cities 333 W. Broadway, Ste. 101 Long Beach, CA 90802-4438

[Neal Collins]

Well that doesn't sound good. Seems like writing is on the wall and it is only a matter of time. I know some great 1031 exchange facilitators for all those California investors with equity wanting to get away from the CA shenanigans!