As a small business owning and operating apartments and rental housing, we strive to maintain our older apartment properties and provide good value for our tenants. Existing rent control already makes profitable operations extremely challenging; further restrictions would make it impossible for us to keep investing in our aging buildings. Our only option would be to sell our apartment buildings to developers who will knock them down and build luxury homes, like so many of our competitors have done over the years.
I'm a responsible Mom and Pop supplier of housing in our area. I have great tenants that I've kept the rent low on due to their living on fixed income. ( Social Security) I can help...Every year I would try and hold the rental increases down for those that needed help.. Now.... no longer. I told my tenants, its over..... California liberal laws have forced me to raise your rents or I will never be able to catch up. I may do a 1031 exchange into something that takes my property off the rental market.. It's a strong consideration.. There are many other real investments that are under consideration. I'm voting No on this Prop...
Hi my partner have owned little houses over the years. We for the most part have not raised the rents til the renters move on then we made fair market rate adjustments. Can you believe Prop 33 only holds Mom and Pops accountable and not anyone who has homes build after 1980 including giant apartment owners? That just isn't fair. Prop 33 would not solve the current housing problem.