Protecting Your Property Rights: Why You Should Oppose Proposition 33 and Support Proposition 34
As California's November 5th election draws near, voters face a critical decision that could reshape the state's rental housing and healthcare sectors. Two key measures, Proposition 33 and Proposition 34, are at the forefront of this debate, each with significant implications for property owners and renters alike.
Proposition 33: A Threat to Property Rights and Financial Stability
Proposition 33
The so-called "Justice for Renters Act," is a proposal that could devastate California's rental housing market. Spearheaded by the AIDS Healthcare Foundation, this measure seeks to dismantle the Costa-Hawkins Rental Housing Act, a law that has safeguarded property owners for decades. If passed, Proposition 33 would allow local governments to impose extreme rent control on properties built after 1995, including single-family homes and condominiums. Even more concerning, it would introduce vacancy controls, locking in below-market rents indefinitely.
The consequences for property owners could be catastrophic. Non-partisan researchers from MIT have estimated that Proposition 33 could slash property values by up to 25%. For many landlords, this could mean losing the ability to maintain their properties, cover mortgage payments, or even avoid foreclosure. The financial burden would be especially severe for smaller landlords, potentially leading to bankruptcy and wiping out years of hard-earned investment.
Proposition 34: Safeguarding Healthcare Funds
Proposition 34
On the other hand, Proposition 34, backed by the California Apartment Association, is designed to protect taxpayer dollars. This measure aims to ensure that healthcare funds are used for their intended purpose, rather than being diverted to unrelated activities like music festivals, luxury real estate purchases, or political campaigns promoting rent control.
Why Your Vote Matters
The stakes in this election are incredibly high. Proposition 33 threatens to undermine property rights, discourage new housing development, and worsen California's already severe housing shortage. Meanwhile, Proposition 34 offers a safeguard against the misuse of healthcare funds, ensuring that they are spent where they are needed most.
Tom Bannon, CEO of the California Apartment Association, warns that Proposition 33 poses an existential threat to California's rental housing industry. The time to act is now—your support is crucial to defeating this dangerous measure and protecting the future of housing in California.
Urgent Call to Action
Act Now to Protect Your Property Rights! Your financial support is crucial to defeating Proposition 33 and safeguarding California’s rental housing market.
Visit NoOnProp33.com and YesOnProp34.com to contribute today.