Sebree says Prop 10 fails to address the underlying housing challenges faced by state residents.
SAN FRANCISCO—According to the California secretary of state, Proposition 10 initiative statute expands local governments' authority to enact rent control on residential property. It would repeal state law that currently restricts the scope of rent control policies that cities and other local jurisdictions may impose on residential property. It would have a potential net reduction in state and local revenues of tens of millions of dollars per year in the long term, and depending on actions by local communities, revenue losses could be less or considerably more, says the state voter guide.
In this exclusive, John Sebree, first vice president and national director, national multi-housing group with Marcus & Millichap, recently weighed in on the downside of Prop 10, its impact on rental properties and what a yes vote would mean for the California housing crisis.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
