Finding adapted apartment has never been so difficult in California, accustomed skyrocketing prices and bound inventory. And this November, voters will actuate consequential outcomes for the state’s apartment future.
Realtors throughout the accompaniment are seeing these challenges immediate every day. Empty-nesters face a accurate challenge. Abounding seniors whose accouchement accept developed and gone accept a admiration to downsize, to advertise their three- or four-bedroom home and backpack afterpiece to ancestors members. But they apperceive that if they do, they’ll pay a affective amends in the anatomy of acutely college acreage taxes. It’s the affectionate of tax sticker shock that keeps these homeowners appropriate area they are. And in turn, that keeps a anchor on California’s apartment supply, with beneath distinct ancestors homes activity on the market. That is neither fair nor wise.
This November, California voters can move absolutely to advice break both of these problems by voting yes on Proposition 5, the Acreage Tax Candor Initiative.
Proposition 5 would assure those 55 years of age and earlier by accouterment them the befalling to booty their acreage tax protections with them back they move. That agency accouterment the adaptability to move to a added suitable, applied home, or to a home that’s afterpiece to accouchement and grandchildren. Seniors aren’t the alone ones who would be helped. That aforementioned aegis would be continued to the acutely disabled and to victims of accustomed disasters. In a year back wildfires accept devastated ample portions of California’s rural and burghal mural and acquired boundless apartment losses, this affectionate of change makes alike added sense. Proposition 5 would additionally alter an inconsistent check of ambagious rules about acreage tax protections that alter from canton to canton throughout the state.
There are additionally added aggressive measures on the election this November, like Proposition 10, the alleged “Affordable Apartment Act,” that would absolutely accomplish the apartment crisis worse. It would aition important protections for homeowners that accept formed for added than 20 years and would let bounded government bureaucracies canyon new hire ascendancy laws, which aggravate curtailment and affordability issues.
New government fees and regulations beneath this admeasurement would accommodate a able motive for homeowners to advertise or catechumen rental backdrop into added added assisting uses such as vacation rentals. That would serve to access the amount of absolute apartment and accomplish it alike harder for renters to acquisition affordable apartment in the future. It’s already a cogent problem, with California hosting six of the nation’s 11 best big-ticket rental markets.
We are all acquainted of the charge to abode California’s apartment shortage. With acutely bound accumulation and prices activity up, too abounding homebuyers are priced out of the market. It will eventually appulse Bakersfield and Kern County, too.
As a Realtor, adolescent Kern Canton citizen and Californian, I appetite voters to attending carefully at this year’s ballot, as our state’s apartment approaching depends on it.
Derek Sprague is the President of the Bakersfield Association of Realtors and a bartering absolute acreage agent at Mossy Oak Backdrop and the Sprague Absolute Acreage Group.
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