California REALTORS®' Statement on rent cap bill

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Sep 11, 2019, 21:19 ET

LOS ANGELES, Sept. 11, 2019 /PRNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today issued the following statement from Association President Jared Martin regarding Assembly Bill 1482:

"The CALIFORNIA ASSOCIATION OF REALTORS® is disappointed by the passage of Assembly Bill 1482, which moves California toward statewide rent control. Throughout the debate, REALTORS® advocated for a balanced solution that protected renters and respected the rights of property owners. While several of our recommendations were included in AB 1482, including the exemption of single-family homes and condominiums, the final bill did not do enough to increase the supply of affordable rental housing. Even legislators who voted yes did so acknowledging its shortcomings.

It was disappointing that the California Apartment Association and the California Business Roundtable did not stand with us. In fact, the Apartment Association opposed an earlier version of the bill with a higher rent cap and a shorter sunset date and then withdrew their opposition when the bill was amended to lower the rent cap and extend the sunset date, contrary to the interest of their members. Only C.A.R. advocated for small "mom and pop" investors by successfully obtaining an exemption for single-family homes and condominiums.

In the final days, REALTORS® stood firm and made our case against AB 1482 based solely on its policy. Although we did not prevail, we remain steadfast in our commitment to overcome California's historic housing supply and affordability crisis. Much more work remains ahead of us, and as we have said from the beginning, REALTORS® appreciate the commitment of Gov. Gavin Newsom, Democrats and Republicans to continue working to incentivize the production of new housing for rental and sale. We look forward to working with the Newsom administration and California Legislature to fight for homeownership because providing housing is critical to Californians."

Leading the way... ® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS