Prop 15 Fails to Pass California Voters

This has been a year of tight political races. While most have had their eyes on the Presidential Race, California commercial real estate players have closely followed Proposition 15, which would increase taxes for commercial properties. Mirroring the presidential election, Prop 15 was a tight race, and while votes are still being counted, it looks like the no’s have it.

While the opposition seems to have prevailed, the race was close with fervent support. This has come at a time when, thanks in part to the pandemic, income disparities are at all-time highs with growing animosity toward business owners. “I cannot pinpoint the various reasons for those votes,” Fernando Landa, a partner at Crosbie Gliner Schiffman Southard & Swanson, tells GlobeSt.com. “Undoubtedly, supporters of Proposition 15 have laid the need for Proposition 15 on the pandemic’s feet in television ads over the last several months, but the split roll tax that underlies Proposition 15 is years in the making.”