Will Prop 10 Solve the Housing Crisis?

Sebree says Prop 10 fails to address the underlying housing challenges faced by state residents.

SAN FRANCISCO—According to the California secretary of state, Proposition 10 initiative statute expands local governments’ authority to enact rent control on residential property. It would repeal state law that currently restricts the scope of rent control policies that cities and other local jurisdictions may impose on residential property. It would have a potential net reduction in state and local revenues of tens of millions of dollars per year in the long term, and depending on actions by local communities, revenue losses could be less or considerably more, says the state voter guide.

In this exclusive, John Sebree, first vice president and national director, national multi-housing group with Marcus & Millichap, recently weighed in on the downside of Prop 10, its impact on rental properties and what a yes vote would mean for the California housing crisis.