“If California voters decide to repeal the Costa-Hawkins Rental Housing Act, an action that would expand the use of rent control in the state, it could have serious ramifications on future multifamily construction and development in the state and set a precedent for other states and cities weighing rent control nationwide.

‘This is a big issue,’ Equity Residential Executive Vice President Barry S. Altshuler said during Bisnow’s Multifamily Annual Conference SoCal on Thursday in Los Angeles. ‘This is the No. 1 issue on the ballot in California this year, but beyond California this is an existential threat to cities around the country.’ Joined by Berkadia Managing Director Jeff Rowerdink, TruAmerica CEO Bob Hart and Essex Property Trust Chief Investment Officer John Eudy during a fireside chat on the rent control issue, Altshuler called Costa-Hawkins the ‘single most important issue for the life of our industry.’  With a glaring housing shortage, rental and housing prices in many major markets soaring and the homeless population also increasing, rent control has become a hot political issue across the nation.”

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