SAN FRANCISCO—Some votes are still being counted, including the big prize of the Oval Office, but some decisions at the state and local level have been decided. One of the most-watched state ballot initiatives was Proposition 21, which was defeated.

"For the second time in as many election cycles, the people of California have spoken loud and clear and defeated short-sighted rent control ballot measures," said the National Multifamily Housing Council. "Proposition 21's rejection is a victory for hardworking Californians who deserve real housing solutions that increase supply and bring costs down, and a signal that voters recognize that rent control is not a sound solution for housing affordability. These challenges will only be solved by collaboration, not by politically charged statewide ballot initiatives. Lawmakers, community leaders and the housing industry need to work together to make housing affordability a genuine priority, especially at a time when home is our safe haven."

As of late yesterday, Proposition 15 was losing with about 75% of the vote. Prop 15 would amend the California constitution to allow commercial and industrial properties to be taxed at market value rather than the purchase price. The proposition revises a portion of 1978′s Prop 13, which requires all California residential and commercial properties to be taxed at the purchase price with an annual increase of 2% or inflation, whichever is lower. Prop 15 requires commercial properties to be taxed at market value.