“The AIDS Healthcare Foundation has contributed an additional $10 million to Yes on 10, the coalition supporting a November ballot measure that would let California cities to impose stricter rent control laws.
The Los Angeles foundation had previously donated $2.2 million to the campaign. The only other two contributors to the campaign — unions representing nurses and state and local government workers — have put in a total of $110,000.
Prop. 10 would overturn the 1995 Costa Hawkins Rent Control Act, which prohibits cities from imposing rent control on certain properties including multi-family apartments built February 1995 (unless the city had rent control with a previous cutoff date) and single-family homes and condos of any age. The law also lets owners of rent-controlled units raise rents to any level when a tenant moves out, although it goes back under rent control when a new tenant moves in. Overturning the act would let local governments impose any form of rent control on any type of property.”
The nonprofit AIDS foundation generates about $1.5 billion a year in revenues from a chain of 47 pharmacies, managed care programs in California and Florida and a handful of thrift stores called Out of the Closet. Its Prop. 10 contributions are coming from those revenues, said Ged Kenslea, a spokesman for the foundation.”