A California Assembly Bill, AB 1506 (BLOOM), was introduced three weeks ago and aims to repeal the Costa-Hawkins Act, which currently prevents cities and counties from adopting extremely restrictive rent control policies. The Costa-Hawkins Act was adopted in 1995 to curb extreme rent control, enabling property owners to raise rents on vacant units during a time where strict rent control laws were in place across California. If passed, this repeal would heavily affect the rental industry as it encourages local government to fiercely control rental rates and evictions.
I urge you to join us and organizations within the multifamily industry like the California Apartment Association, California Association of Realtors, Apartment Association of Orange County, and many others. Contact your local Assemblymember and ask them to vote NO on AB 1506 when it is taken up on the assembly floor.
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