“Efforts to undo Prop 13 have been tried since it passed,” said Craig Benedetto of California Strategies at a recent CREW San Diego event. The event discussed the upcoming ballot measures that would impact the commercial real estate market, and of course, Prop 15 was front-and-center. The conversation included moderator Marci Mauro of Wells Fargo Bank; Erik Bruvold with the San Diego North Economic Development Council; and Kelly Moden of Community Housing Works, in addition to Benedetto.

“This one tries to “Frankenstein” it—a measure to cobble enough votes to pass,” added Benedetto about Prop 15. It is the single largest property tax increase in history of California. Small businesses—which are most of San Diego’s businesses—will be affected, and flow down to consumer prices. It doesn’t stop at corporation’s desk. Prices will increase.” He added that the proposition requires 50% plus 1 to pass.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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