“Last Friday, the AIDS Healthcare Foundation (AHF) announced a $10 million donation to the primary yes on Proposition 10 campaign, almost five times as much money as the Coalition for Affordable Housing had previously raised all year.
In a press release, AHF President Michael Weinstein said, “We know we will be significantly outspent by the opposition, backed by deep-pocketed developers and investors who continue to wreak havoc in the housing markets,” attempting to frame the anti-Proposition 10 campaign—which is almost entirely funded by property companies—as greedy speculators.
The $10 million boost, which isn’t yet reflected in the Secretary of State’s public financial reports because it’s too recent, still leaves CFAH considerably lagging behind its competition, which has raised more than twice as much. To date almost all of the publicly disclosed contributions to CFA’s now $12.5 million war chest have come from AHF.
According to figures released by the California Secretary of State’s office, groups opposing Proposition 10—which could greatly expand rent control in California cities—have out-fundraised supporters by a margin of more than eight to one, with wealthy property companies pouring tens of millions of dollars into the no campaign.
If passed in November, Proposition 10 will repeal the 1995 Costa-Hawkins Act, which greatly curtails a city’s authority to place rent-control limitations on housing stock. In San Francisco, for example, no homes built after 1979 are subject to rent control.
Overthrowing Costa-Hawkins would allow individual cities to potentially expand rent-control measures. But first it has to pass at the ballot box, and campaigns for and against the proposition are gearing up for an exhausting months long, multi-million dollar campaign.”