[quote=CA renter]
Note: rents did not go down, so the belief that rent would go up as a result of its repeal doesn’t really hold water. What would probably happen, is that properties would flood the market in anticipation of the repeal, which would drive down prices in many cases. Some of us would like to see this happen, as we believe that the rights of people to own their own (affordable) homes trumps the “rights” of landlords to collect rents/profit from people who need housing. Some properties could be excluded from the tax increase, but ONLY if the savings are passed on to renters (especially low-income renters) instead of padding the pockets of the profiteering parasites. At least with pensions we’re getting something in return (the best possible public employees who provide for our safety and security); with Prop 13 subsidies to landlords/landowners, we get NOTHING in return.[/quote]
You say that the rents did not go lower when Prop 13 was introduced hence they will not go up if it were to be repealed. I do not think it is as simple as solving for a mathematical equation.
That said, I see that your expectation in this scenario is for the newer (relatively) landlords to lose the margin and hence put their properties on the market. I admit I did not consider this scenario, but still, the newer landlords will still have to raise rents and they will be even more compelled to do so since they do not have the “advantage” of the older ones. Given that this repeal is across the board, nobody can make a case of collusion in raising rents statewide.
BTW your expectation of future is better for my finances than mine, but I think it is unlikely that it will turn out that way.
