To supplement my social security, I invested much of my savings and purchased a small rental property. The income I receive is a big part of my retirement income, upon which I rely very much. Current rent control laws in California already make it a challenge to keep up with rising expenses (labor, materials, insurance, and taxes). There are many small "mom and pop" owners of rental units, and like me, depend upon the income. By making it harder and harder for folks like me to keep things at least in pace with expenses, many of us are questioning if we should continue to keep our rentals. The overwhelming majority of small investors, have great relations with their tenants, and maintain our properties. We provide housing, hire local contractors, roofers, landscapers, and purchase appliances, fixtures and more. Prop 33 will discourage other families from investing in rental homes (which will lessen inventory even more) and put a burden on small investors like me, that cannot be sustained. Please vote no on 33.
I'm a small building owner in Oakland, Calif. I work very hard to create safe clean housing for my customers. I clean the streets, haul extra garbage, planted trees, fix everything. My tenants like me, we all get along very well. I share holiday gifts with each one every year. I feel like small landlords are a lighting rod for the homeless problem. Sure there are some bad greedy ones, but the majority are just running a small business and providing services. We cannot keep up. Actually we are seeing rents fall. Now Prop 33 will lock in those low rents and we will never come again. It's a losing battle.
It is an all around a completely bad prop. Every one needs to vote NO on it.
My wife and I need to be able to cover our mortgage by renting out our home. The state shouldn’t cause us any further hardship as we try to live the American dream.
We rely on our rental income to pay our bills. We are small time landlords. We have lived thru being required to provide free rent during the pandemic. We have had to lower our rents due to market forces after the dot com crash and again during the Great Recession. No one supports us during those tough times yet when rents go up they want to limit our ability to make a fair profit from our risk based investment . Rents have increased with inflation but so has food and insurance and many other things yet no one is telling big grocery chains or insurance companies what they have to sell their product for. But us small time landlords are picked on because they can. I urge all to vote no on 33.
Market determines rental rates and limiting the limit will effect property values drastically- it’s counter productive for the growth of California’s economy. There other measures and ways to balance the equation properly but not by umbrella limiting rent limits
My wife is 85 years old and has dementia. Since I am older than her and unable to care for her myself, we decided to move her into an Assisted Living facility. Given the high cost of care, we also chose to rent out our home to help cover part of the expenses. Even with the rental income, it's still a financial stretch. Based on what I’ve learned, Prop 33 would impose strict controls on the rent that homeowners can charge, even if they’re renting out their own home to help make ends meet. This seems unfair, especially given our situation. If Prop 33 passes, I’m not sure how we’ll manage. Please vote no on Prop 33 to help protect people like us.
NO ON PROPOSITION 33. It will hurt me in a big way. I spent my lifetime/income building my rental house. I'm 100% OPPOSING Prop 33.
I’m a homeowner and a small rental owner. I take good care of my two small rentals which are a big part of my retirement plan. My tenants (one Section 8) have been with me many years now but between property taxes, maintenance, and rapidly increasing insurance and utilities I have had to make modest rent increases. Due to inflation my wife and I may need to rent out a room in our house to cover my daughter’s college tuition (we are older parents in our 60’s). If I can’t rent a room in my house or make any needed rental increases then I would be forced to sell my properties and move out of the Bay Area where I’ve been living since 1981. My tenants would also be forced to move out of the the area also since they have already told me they wouldn’t be able to afford to rent any place else. Prop 33 would be a potential disaster for me.
I am an owner of eight rental units, I have always maintained a formula based on tenant retentions. In order to create and maintain that model I’ve always kept the rents on the lower side as my feelings have always been that to force people out of their homes is not only disruptive to families but also very costly. That worked quite well for over thirty years as this was plan for my retirement. I’m wondering if those folks in Sacramento who submit and implement such assaults on small businesses take into consideration that Proposition 33 is not only very destructive, counter productive and possibly unconstitutional. This action must stop now, the invasion of private property rights by the State is wrong. If Prop 33 should receive voter approval and I cannot raise the rent to a new tenant, how can I recover the money I have spent to rehabilitate a townhome after a move out? The people who are proposing Prop 33 are misleading the public, price control has never worked. Sacramento has no clue about how destructive that the passage of this proposition will be, at least not until they begin seeing neighborhoods with run down properties. I for one will be out of the rental business.
I am a small property owner in CA and have 2 rental properties. I believe with Prop 33 we deincentivize investors like me to invest private funds to provide residents housing and divert these funds to less restrictive and more lucrative investments, thus reducing the available rental stock. We can do this by selling our properties to owner occupants instead of tenants. I fear your legislation may get you votes, but harm your tenants voters in the long term without them understanding this.
In my opinion, this Prop will only discourage more small real estate investors, who will take their resources elsewhere and will worsen the housing situation.