LOS ANGELES (CBSLA) — California voters appeared to reject a ballot measure that would limit how much landlords can set and raise rents statewide.
The California Apartment Association representing landlords opposed Proposition 21, claiming it will worsen the housing crisis and give investors less incentive to build new apartments.
The “Yes on 21” campaign said the proposition prevents large equity firms that own several properties from unfairly increasing rents for tenants.
Landlords with one or two single-family homes would not be impacted by Prop 21.
As of September, supporters and opponents of the measure were spending $50 million on campaigns ahead of the ballot vote.
According to the latest Associated Press count as of 11:23 p.m., Prop. 21 did not pass Tuesday night with 59.6% voting no and 40.4% voting yes out of the reported 66% of votes counted.