IMPORTANT PROP. 21 UPDATE – YOU WON’T WANT TO MISS THIS FREE WEBINAR!

Written by Apartment Management Magazine on . Posted in Blog, Webinar

WHEN: 11:00 A.M. – 12:00 P.M. on Thursday, October 8th, 2020

PLEASE JOIN US FOR A VERY IMPORTANT UPDATE ON PROPOSITION 21, THE FLAWED RENT CONTROL BALLOT INITIATIVE THAT WILL BE ON THIS NOVEMBER’S BALLOT: “Proposition: The Rental Affordability Act.”  The same special interests behind the 2018 rent control measure, Prop. 10, are at it again — despite being rejected with a 59% NO vote. In November 2018 Just like Prop. 10, this new proposition is deeply flawed and sure to make the housing crisis worse.

The ballot proposition can be soundly defeated in November — but ONLY with your help.  Please join us on Thursday, October 8th at 11:00 A.M. for the latest update on Proposition 21 and opposition campaign briefing, where we will discuss the latest polling results, and the major flaws inherent in this proposition YOU need to know, and how you can help bolster our efforts to defeat Prop. 21 in November.

Why should you join the fight against this ill-conceived ballot proposition?  Here are just a few of the things this deeply flawed proposition will do unless we defeat it in November:

  • Eliminates Costa-Hawkins protections on almost all housing units – YOU won’t be able to increase rent to going market rates if this initiative passes, single-family homes and condominiums could be subject to rent control.
  • Authorizes cities or counties to enact vacancy control – YOU could only increase rent on vacant units by 15% over 3-years following vacancy and then fall under local rent caps.
  • Allows regulation of single-family homes and condominiums – if you own more than 2 properties, your rental property becomes regulated OR if you do not own your single family home or condominium rental property as a “natural person” your property will fall victim to rent control – family trusts, LLCs and corporations are not exempt under this law.
  • Decimate property values – Similar laws passed in New York State caused values of rental properties to drop 30% to 40% IMMEDIATELY.
  • Reduce housing supply by forcing rental property owners out of business.
  • Gives unelected bureaucrats unlimited power to add fees on housing – hundreds of rent control boards will “spring up” across California.
  • Add tens of millions in new costs to local governments to administer local rent regulations – YOU will pay for these increased costs through additional fees and taxes.
  • All properties older than 15 years will be subject to local rent control laws and lower rent caps – A.B. 1482 would be cancelled.
  • Makes California’s housing crisis EVEN WORSE!  If this ballot initiative passes, we will ALL be forced out of the rental housing business.
  • and much more – your questions submitted prior to and during the webinar will drive the discussion!

GUEST SPEAKER:

Sid Lakireddy, Principal, Anchor Valley Partners

Sid Lakireddy is the principal of Anchor Valley Partners.  He has led investment partnerships acquiring approximately 200 units and 600 student beds under Anchor Valley Partners and has also successfully completed commercial projects in and around the University of California at Berkeley including long-lease transactions with the university.  He serves on the Chancellors Task Force for Student Neighbor Relations at U.C. Berkeley and is the former President of Berkeley Property Owners Association and the current President of California Rental Housing Association.

Sid has also returned to his roots in Merced by actively pursuing agricultural investments there, and since 2006 he has invested in pistachio, almond and walnut farms totaling almost 1,000 acres. In addition, since attending the groundbreaking ceremonies for the University of California at Merced in 2005, he owns 32 acres of land adjacent to the university’s campus and is working on a development that interfaces with the U.C. Merced long-range development plan to create a progressive master-planned development.

Sid received his Bachelor of Science degree from St. Mary’s College in Moraga, California, a Post-Baccalaureate in Finance from Columbia University in New York, and a J.D. from Santa Clara University in Santa Clara, California. He is a licensed real estate broker in the state of California and is a member of the State Bar in California.