“Housing is the most critical issue facing California, and has been for years. That’s why this past legislative session, the Senate advanced a package of housing bills to spur affordable housing and aid California’s economic recovery. That legislation included my two housing bills, SB 1120 and SB 995. SB 1120 would have encouraged small-scale development by allowing duplexes on single-family lots, and SB 995 sought to extend and expand the CEQA process in an effort to increase housing production and create jobs in California. Those bills unfortunately fell victim to timing this past legislative session, but the tools they would have provided will remain part of the discussion as housing bills advance next year. I’ve been here before – it took a few years to get my landmark affordable housing bill enacted. Now, as then, the work continues, and my resolve is clear. I appreciate the support and all the hard work YIMBY poured into advocating on behalf of our housing production package, and I look forward to your continued support in the coming months ahead as we continue to work on solutions to address California’s housing crisis.”
Proposition 15 will get rid of property tax breaks for big businesses, and put billions of dollars towards schools and local services.
Currently, thanks to 1978βs Prop 13, owners pay property taxes based on the price they originally paid for that real estateβtypically a lot less than what itβs worth today. Prop 15 will roll this back for many large businesses, raising property taxes to be assessed based on the propertyβs current (probably much higher) market value. Prop 15 will raise approximately $6.5 to $11.5 billion β 60% for cities, counties and special districts, and 40% for schools and community colleges. Homeowners and businesses with under $3 million in California property will be exempted, along with farm land.
Proposition 19: Changes Some Property Tax Transfers and Exemptions
Proposition 19 adjusts the rules of 1978’s Proposition 13. While many YIMBYs would like to see major reform to Prop 13, this is a small adjustment to California’s property tax rules. Prop 19 reduces tax subsidies for people who inherit multiple homes, and shifts them to people downsizing homes or who are moving due to natural disasters. Any excess tax revenue from reducing the multiple-homes subsidy goes to wildfire protection.
Currently, for homeowners who want to downsize to a smaller home, if it costs more than the original price of their big home, they can end up paying more taxes (depending on their county’s rules). Prop 19 makes sure that people who are down-sizing homes are protected from tax increases. Ideally, this allows long-time homeowners to downsize and allow others who need more space to move into their larger homes. Prop 19 also extends to people who are moving due to natural disasters, so they don’t face a tax hike on top of the trauma of losing their homes.
Proposition 21: Expands Options for Local Rent Control
Prop 21 would help to provide more housing stability to Californians by giving cities more options to limit rent increases. Prop 21 sets sensible guardrails for rent stabilization by exempting small landlords with only one or two properties as well as new construction less than 15 years old. Ensuring housing stability is critical for homeless prevention and community wellness.
“In order to ensure a thriving and diverse economy, and to provide opportunities for our children and grandchildren to live in San Diego, we must increase the supply of housing. San Diego will not be a well functioning city if only the very wealthy can afford to live here. In order for working and middle class San Diegans to feel that they have a future in this city and an ability to build wealth, they have to be able to climb the rungs of the housing ladder.”