There will be two initiatives on the statewide ballot this November that could dramatically affect
housing opportunities, private property rights and the availability of affordable housing.
REALTOR® engagement in the upcoming November election is CRITICAL to addressing California’s housing crisis through protecting homeownership and private property rights across the state.
There will be two initiatives on the statewide ballot this November that could dramatically affect housing opportunities, private property rights and the availability of affordable housing.
The first is Prop 5, C.A.R.’s own initiative to create new homeownership opportunities by generating more sales of single-family homes in existing neighborhoods. This will benefit young families at a time when California faces a severe shortage of houses for sale. Prop 5, the Property Tax Fairness Initiative, qualified for the ballot earlier this year after the C.A.R. submitted nearly 1 million voter signatures to the Secretary of State’s office—a strong indicator of voter support.
Seniors often live in homes that no longer meet their needs because their homes may be too big or too far from family. If these homeowners want to downsize or move closer to their children, they could face a doubling or tripling of their property taxes, or what’s being called a moving penalty.
Proposition 5 provides appropriate relief by allowing those eligible the ability to transfer their current property tax base to the purchase of another home in any of California’s 58 counties. The new property tax for that individual would be based on their original home’s assessment, in addition to an adjustment consisting of the difference in value between the sale price of the original home and the sale price of the new home.
The other measure of concern on the November ballot is Prop 10, the so-called “Affordable Housing Act,” that would actually make the housing crisis worse by repealing the long-standing Costa-Hawkins Rental Housing Act, eventually allowing local governments to impose draconian rent control measures.
C.A.R. strongly opposes Prop 10.
Your participation in efforts to PASS Prop 5 and DEFEAT Prop 10 is VITAL.