LOS ANGELES, May 29, 2015 /PRNewswire-USNewswire/ -- The
CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) today hailed the defeat of Senate Bill (SB) 364
(Leno) in the State Legislature this week. The bill would have
eliminated property rights protections for owners of rental
property and significantly discouraged efforts to create new rental
housing in the city and county of San
Francisco.
"SB 364 was an unreasonable and unjustified attack on property
owners that need or want to take a rental property off the market,"
C.A.R. President Chris Kutzkey said.
"Discouraging investment in housing is bad policy, and SB 364 would
have caused harmful unintended consequences. San Francisco already has the most protective,
and the most expensive, eviction rules in the state."
In 1985, C.A.R. successfully sponsored the Ellis Act, preventing
local governments from restricting the ability of rental property
owners to remove a rental property from the market. SB 364 would
have allowed San Francisco to
prevent property owners from taking rental units off the market,
unless every owner of that property has owned the property for at
least five consecutive years. This effectively forces property
owners to remain in the rental housing business even if they are
losing money or simply wish to occupy their own property.
San Francisco already has
California's strongest renter
protection rules. Seniors and the disabled are, under current state
law, given a one-year notice when a property owner is going to
vacate the unit. All other tenants receive 120 days.
"California's 175,000 REALTORS®
stand up for the rights of property owners and those who want the
opportunity to rent or buy a home at a fair market price. SB 364
was an attack on private property rights, essentially allowing
government to seize property by dictating its use," said
Kutzkey.
Leading the way...® in California real estate for 110 years, the
CALIFORNIA ASSOCIATION OF
REALTORS® (www.car.org) is one of the largest state
trade organizations in the United
States with 175,000 members dedicated to the advancement of
professionalism in real estate. C.A.R. is headquartered in
Los Angeles.
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SOURCE CALIFORNIA ASSOCIATION
OF REALTORS