Local Developers Invest Big To Defeat Rent Control Restriction Repeal (Prop 10)


Local Developers Invest Big To Defeat Rent Control Restriction Repeal (Prop 10)

2018-10-26T10:45:20+00:00October 26th, 2018|Advocacy, Local Updates|

“Developers and landlords across California are pouring money by the boatload into the Californians For Responsible Housing PAC’s campaign against state Proposition 10, which would repeal a state law that limits the ability of city and county governments to impose rent control.

(Prop 10 doesn’t impose any rent controls, nor require any local government to do so, although the costly TV ads would have you think otherwise.)

Some of the Anti-Prop 10 PAC funders are familiar names in the South Bay, and were the deep pockets for independent “gray money” PAC expenditures locally.

Equity Residential (Laguna Clara, 3131 Homestead) tops the list with $3.7 million in total donations to the anti-Prop 10 campaign. Taking second place in the multi-million-dollar donor club is the California Association of Realtors, a player in Sunnyvale politics, with total donations of $2.5 million.

Essex Property Trust (Gateway Village, 3700 El Camino) is close behind the Realtors Association with $2.4 million in donations. The California Apartment Association — another regular money player in local elections — takes third place with a $1.8 million donation.

Prometheus (Moonlite Lanes at Keily and El Camino, and 575 Benton) comes in fourth with $1.6 million donated so far, while George Marcus/Summerhill (Lawrence Station, 3505 Kifer) is close with a $1.5 million donation.

Spieker investment and real estate companies have donated $780,000, while Sares Regis (Cityline Sunnyvale) has donated $270,000.

Related Companies (City Place) gave $150,000 — in 11 separate donations — and SCS Development/Steve Schott(1375 El Camino) threw $40,000 into the fight.

Contributions and spending reports for statewide PACs and campaigns can be found at cal-access.sos.ca.gov.

 

Leave A Comment