Law returns decision-making process on whether
to enact rent control measures to local jurisdictions, communities,
and local elected officials. It does not mandate or require rent
control anywhere in California, but simply allows local communities
to decide what’s best for them.
Over the last several months, the real estate industry has
shelled out nearly $84 million in campaign cash to kill
California’s Proposition 21, the November ballot initiative that
will limit unfair rent increases and preserve affordable housing.
The big question now is: will corporate landlords such as Essex
Property Trust, Equity Residential, and Blackstone Group spend $100
million to try to stop the statewide initiative?
Prop 21 puts limits on unfair, sky-high rent increases, reins in
corporate landlord greed, and prevents homelessness. Top experts at
USC, UCLA, and UC Berkeley agree that sensible rent limits are key
for stabilizing California’s housing affordability crisis. The need
for stable, affordable housing has taken on added urgency because
of the COVID-19 pandemic — people must have shelter to stay safe
and healthy.
It’s why U.S. Senator Bernie Sanders, Congresswoman Maxine
Waters, the California Democratic Party, and California’s housing
justice movement have thrown their full support behind Prop 21.
But corporate landlords such as Blackstone Group, Essex Property
Trust, and Equity Residential are banding together to oppose Prop
21, shelling out tens of millions in campaign contributions. These
real estate companies are desperate to maintain a rigged and broken
housing market that allows them to charge wildly inflated rents,
making billions off the backs of California renters.
In the 2010s, according to Zillow, U.S. renters paid a
staggering $4.5 trillion to landlords. California landlords were
especially raking in gigantic profits.
Zillow found that in 2019, Los Angeles renters paid $39.2
BILLION to landlords. San Francisco renters shelled out $16.4
billion. San Diego renters forked over $10.3 billion. Riverside
renters wrote checks totaling $7.4 billion. San Jose renters paid
$6.5 billion. Sacramento renters delivered $4.8 billion to
landlords. Massive amounts paid by seniors living on fixed incomes,
working-class families, recent college students, and teachers and
nurses.
No matter. The real estate industry has formed four No on Prop
21 committees, with Californians for Responsible Housing sponsored
by the California Apartment Association leading them all in
fundraising, according to state filings. In only the past two
weeks, the California Apartment Association-sponsored committee has
grabbed an eye-popping $32.5 million in campaign cash to stop Prop
21. In total, Californians for Responsible Housing has raised a
shocking $73,860,072.
With the other No on Prop 21 committees, Californians to Protect
Affordable Housing has collected $9,245,691; Issues PAC of
Apartment Association of Greater Los Angeles – No on 21 has raised
$600,735; and Californians for Affordable Housing sponsored by the
California Rental Housing Association has raked in $192,951.
That’s a grand total of $83,911,495.
If Californians for Responsible Housing sponsored by the
California Apartment Association keeps up its recent fundraising
pace, the No on Prop 21 campaign will collect an astounding $100
million by Election Day.
Tellingly, 15 corporate landlords have delivered 72 percent of
all contributions to Californians for Responsible Housing, shelling
out $53,791,244. Essex Property Trust, one of the largest apartment
owners in the nation, is the leading contributor.
Top Contributors to Californians for Responsible Housing
sponsored by the California Apartment Association: ($1 million or
more)
1. Essex Property Trust:
$15,013,300
2. Equity Residential:
$11,052,800
3. AvalonBay Communities:
$8,779,500
4. Prometheus Real Estate Group:
$3,134,600
5. UDR:
$2,525,042
6. Apartment Investment and Management
Company:
$2,036,900
7. Sequoia Equities:
$1,821,260
8. George M. Marcus and Affiliated
Entities:
$1,713,000
9. Invitation Homes:
$1,231,290
10. General Investment and Development
(GID):
$1,146,000
11. R&V Management Corporation:
$1,100,000
12. Camden Development:
$1,082,000
13. Jackson Square Properties:
$1,061,600
14. Californians for Responsible Housing –
General Purpose Committee:
$1,012,219
15. Richard Tod Spieker, including Spieker
Companies:
$1,009,733
Essex Property Trust, Equity Residential, AvalonBay Communities,
UDR, Apartment Investment and Management Company, Invitation Homes,
and Camden Development are publicly traded real estate investment
trusts.
Equally telling is the hundreds of civic leaders, social justice
groups, housing justice organizations, and labor unions who support
Prop 21, including the Los Angeles and San Francisco tenant unions,
SEIU California, California Nurses Association, California Alliance
for Retired Americans, former United Nations special rapporteur on
the Right to Housing Leilani Farha, and Black Lives Matter –
LA.
In the fight over Prop 21, the line of battle is clear: Wall
Street landlords versus longtime fighters for justice and fairness.
California voters will have to decide who they want to stand with.
For many, the choice is a no-brainer: YES on Proposition 21.
Read the full article: “Will Big Real Estate Spend $100 Million
to Kill California’s Prop 21?”
Housing Is A Human Right (HHR) is the housing advocacy division
of AIDS Healthcare Foundation (AHF), and the leading sponsor of
Proposition 21. Proposition 21 is sponsored by Homeowners &
Tenants United, with significant funding by the AIDS Healthcare
Foundation. To learn more, visit yeson21ca.org and
housinghumanright.org.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201026005942/en/
Ged Kenslea, AHF Communications Dir., gedk@aidshealth.org
(323) 791-5526 cell