Page 25 - amm2

Continued from page CS-1
alleged that Wedgewood removed any existing tenants using a variety of unlawful and harassing tactics. Some of Wedgewood’s alleged tactics included depriving lawful tenants of their right to continue living on the property under a preexisting lease or for at least 90 days after foreclosure as provided under state and federal law; evicting tenants without just cause in rent-controlled jurisdictions; filing false declarations to support its unlawful evictions; and failing to provide essential utility services to tenants.
During November, Attorney General Bonta announced the creation of a Housing Strike Force within the California Department of Justice and the convening of a series of tenant roundtables across the state. The Housing Strike Force encourages Californians to send complaints or tips related to housing to housing@doj.ca.gov. Attorney General Bonta also launched a Housing Portal on the California Department of Justice’s website with resources and information for California homeowners and tenants. Information on legal aid at https:// lawhelpca.org.
THE CALIFORNIA CHAMBER OF COMMERCE SAYS “NO” TO NEW SPLIT-ROLL PROPERTY TAX BALLOT PROPOSAL
The California Chamber of Commerce has voted to oppose The Tax Cut and Housing Affordability Act of 2022, which proposes a split-roll property tax on all real property valued at more than $4 million per parcel. The proposed ballot measure must collect at least 997,139 valid signatures by mid-April 2022 to qualify for the November 2022 ballot. If the initiative passes, the tax increases on residential, commercial, and industrial properties would cost taxpayers billions. It could double property taxes immediately for most targeted properties, and would be the largest tax increase in California—ever. The state’s independent Legislative Analyst’s Office has concluded that this proposed measure would increase property taxes by approximately $13 billion to $17 billion per year.
According to the California Chamber of Commerce President, Jennifer Barrera: “Ever since voters approved Proposition 13 in 1978, government employee unions and spending advocates have
sought a split roll to raise taxes on businesses, but voters have recognized the danger of such a massive tax increase and have rejected split-roll taxes... voters must again reject this proposed enormous tax increase, particularly given the state’s projected second year of record budget surplus.”
MORE TAXES! BALLOT INITIATIVE PROPOSED TO TAX REAL ESTATE SALES OVER $5 MILLION
Exorbitant tax proposal, if passed, would fund homeless housing
A coalition of housing advocates, labor unions and so-called progressive activist groups have made plans to file paperwork for a November 2022 ballot initiative that would increase documentary transfer taxes on real estate transactions in the City of Los Angeles to fund permanent homeless housing. The proposal would levy a 4% tax on real estate sales in excess of $5 million and 5% on real estate sales in excess of $10 million costing sellers hundreds of thousands of dollars. Organizers of the proposed ballot initiative must collect approximately 65,000 signatures to place the proposal on the ballot.
Proponents of the initiative have stated that “millionaires and billionaires” should pay their “fair share” and the ballot initiative would merely impact the “privileged.” Proponents of the initiative estimate that approximately 3% of real estate sale transactions in the City of Los Angeles would be impacted and would generate roughly $800 million per year based upon sales transactions between March 2019 to March 2020. The proposed ballot initiative is titled “United to House L.A. Citizens” and proponents have stated the proposal might benefit from a recent California Supreme Court ruling affirming that tax increases proposed by citizen initiatives need only a simple majority vote to pass, rather than two-thirds.
APARTMENT MANAGEMENT MAGAZINE - FEBRUARY 2022 CS-3