Once again, California voters have decided not expanded rent control in the state. In Tuesday's election, voters rejected Proposition 21. Had it passed, the measure would have allowed local jurisdictions to expand rent control or create new rent control laws on almost all housing types. It was widely opposed by the commercial real estate community as well as Governor Gavin Newsom. According to data from The Associated Press, the proposition received only 40% of the votes, although ballots are still being counted.

The National Multifamily Housing Council called the defeat "a victory for hardworking Californians who deserve real housing solutions that increase supply and bring costs down." The organization also noted that the defeat is a sign that voters understand rent control is not the pathway to solving the housing crisis. NMHC went on to underscore the importance of collaborative efforts between the housing industry and government that will make affordability a priority in the solution to the housing crisis.

While Prop 15 was the headline-grabbing measure this year, Proposition 21 was also a major concern for multifamily owners. A panel in October at a CREW San Diego event discussed all of the real estate-related propositions on the ballot, and said that Prop 21 would distort rental markets and hurt landlords by instilling a rent increase tax of 5%+CPI.