California Elections Recap: Voters Reject Propositions 15 & 21
November 4, 2020 | Connect California, Commercial Real Estate News
California voters turned out in record numbers on Tuesday to decide a U.S. Presidential election, the outcome of which is not likely to be known for days. There were also twelve statewide propositions decided including two key ballot measures with significant potential negative impacts on the commercial real estate industry, Proposition 15 and Proposition 21.
Proposition 21, the rent control measure, was soundly defeated with preliminary results showing voters rejected the measure by a 59.8% to 40.2% margin, with 72% reporting. It was a tighter race on Proposition 15, the split-roll tax, with preliminary results Wednesday morning showing 51.7% of voters rejecting the measure.
Rent control: Proposition 21 would have allowed local governments to establish rent control on residential properties over 15 years old. The measure was similar to Prop. 10, a more expansive rent control measure that California voters overwhelmingly rejected two years ago.
