My real estate agent called just now. According to him, in the last few months after the rent control went onto ballot, some owners who have been owning rentals for a number of years put them up for sale. At the same time potential investor buyers stayed away for the same reason. He thinks that’s going to change in the next few months. What do you all think? Was the rent control issue so big to scare investors?
Just look at how Oakland is going, with all the pro renter legislation. I got out for many reasons but I know that my Big Bro’s good friend who owns a large apt complex near the Lake wants out too ideally.
But now with this new vote, single family homes are safe from Oakland city’s rent control, right?
Correct - state law trumps municipal law.
Right, but still, the leadership in place and the masses of Oakland are hellbent on making owners’ lives a nightmare with respect to rental property ownership. Look at all the additional fees and charges owners have to pay. All they see is the deep pockets illusion but you know many owners are mom and pop.
san diego investors beware.
What’s wrong with SD? It’s pretty safe from rent control
These owners are long term flippers (hold for a few years, correct term? landlord-investors as opposed people like me long term landlords?) Flippers normally refer to less than 1 year.
They might have been long-term landlords but sold because of rent control and Prop 10.
I would presume they own MFs. Mine are SFHs and temporary rentals till my sons are ready to occupy them. So I really care less about prop 10.
Prop 10 would have brought SFHs under rent control as per city laws. Now that it’s defeated cities cannot touch SFHs.
SFH’s are safe for another few years. However legislature can always repeal Costa Hawkins by itself. Prop 10 just tries to force legislature’s hand.
The best cure for rent control is for rent not to go up too high too fast. There are promising signs up and down the state that rent is softening.
I will only worry if city considers introducing rent control which I hardly doubt. Prop 10 only mean a possibility, doesn’t mean city will introduce rent control.
Cupertino is full of Chinese Trumpsters. It’s probably the last city to introduce rent control.
In a neighborhood where renters are renting temporarily while waiting to buy, hard to believe there would be rent control
There are just as many Indians
OK gang, enough celebrating. Time to gear up for the next fight against rent control / Communist takeover.
Sacramento is vulnerable too
Trump has been able to get two judges:
Mark Bennett and Ryan Nelson - onto the US 9th circuit court of appeals (covering North/South/East/Central California). It would be great if the legality of rent control, which seems more permanent than temporary, could be challenged.