Leading real estate companies have raised over $140 million to fund campaigns aimed at opposing rent control measures in California. The funding is being used for various purposes, including advertisements targeting voters ahead of the November 5th election.
Corporate landlords have contributed millions to the California Apartment Association (CAA) Issues Committee, which has been channeling these funds to campaigns opposing Proposition 33 and supporting Proposition 34. As of the latest filings from the California Secretary of State, the CAA Issues Committee has raised $119,917,365. The largest contributors include Essex Property Trust ($28,795,000), Equity Residential ($20,468,500), and AvalonBay Communities ($18,179,000). Both Essex Property Trust and Equity Residential are also involved in the RealPage price-fixing investigation.
The No on 33 campaign consists of three groups: Californians for Responsible Housing, Californians to Protect Affordable Housing, and Homeownership for Families. These committees, sponsored by organizations like the California Apartment Association and the California Association of Realtors, have collectively raised $104,500,738. A portion of this funding is linked to the CAA Issues Committee.
Simultaneously, the Yes on 34 campaign, also backed by the CAA, has secured $36,441,114. Together, these efforts have raised a combined total of $140,941,852 to influence voters regarding Propositions 33 and 34.
Proposition 33, backed by the AIDS Healthcare Foundation (AHF) and endorsed by a wide array of officials, labor unions, and advocacy groups, consists of a short statement: “The state may not limit the right of any city, county, or city and county to maintain, enact or expand residential rent control.” It has gained support from notable figures such as U.S. Senator Bernie Sanders and labor leader Dolores Huerta.
On the other hand, Proposition 34 has faced significant criticism from various media outlets. The San Francisco Chronicle labeled it “political gamesmanship,” while the San Diego Union-Tribune described it as “a vengeful attempt funded by landlords.” Several other newspapers, including the Los Angeles Times and the Mercury News, have expressed disapproval, calling the measure a misuse of the state’s initiative process.
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By Proptechbuzz
By Ravi Kumar
