Dear CAR Member,
I want to give you an update on C.A.R.’s continuing effort to address California’s unprecedented housing supply crisis and eliminate the “moving penalty” that severely restricts the ability of seniors, disabled residents, and victims of natural disasters to relocate. As you may know, C.A.R. collected enough signatures to qualify the initiative—which is now known as Proposition 5—for the November 2018 General Election Ballot.
Last week, C.A.R. filed a revised initiative with the Attorney General for preparation of
title and summary for the November 2020 ballot. The new initiative would:
- Remove the “moving penalty” for seniors 55 and older, the disabled, victims of natural disasters, and those whose homes are located on contaminated property, allowing them to carry their current Proposition 13-protected property tax assessment level to another home of any price, anywhere in the state, any number of times.
- Eliminate intergenerational transfers of primary residences and other inherited property being used as income-producing properties without reassessment.
- Address abuses by commercial property owners who avoid property tax reassessment by means of “creative” transfers.
Filing this revised initiative will allow C.A.R. – in the event the “moving penalty” is not eliminated this November—to immediately begin gathering signatures to qualify the new initiative for the November 2020 ballot and reinforce our commitment to making tax fairness a reality. This new initiative will provide for property tax base portability, reform the intergenerational transfer laws, and address the true “split roll” problem—corporations gaming the current property tax reassessment system. And, most significantly, it will raise money for schools and local governments.
In addition to its efforts to pass Prop 5, C.A.R. will be launching a plan in the coming weeks to defeat Proposition 10, an effort to repeal the landmark Costa Hawkins Rental Housing Act. Prop 10 would repeal the landmark Costa Hawkins law that limits the ability of local governments to impose aggressive rent control. C.A.R. successfully co-sponsored Costa Hawkins in 1995. Any threat to Costa Hawkins is a threat to private property rights, and C.A.R. is prepared to vigorously defend the law against Prop 10. Voters will decide the fate of both initiatives in the Nov. 6 election.
REALTORS® interested in volunteering in the effort to support Prop 5 and defeat Prop 10 are encouraged to send an email to prop5@car.org and include their name, city, phone number, and the local association of REALTORS® to which they belong. More information about C.A.R.’s efforts to help pass Prop 5 and defeat Prop 10 will be made available soon along with opportunities for all REALTORS® to take part in this historic effort.
Check out an editorial I wrote for the San Diego Union-Tribune on why we need to pass Prop 5, and here’s where you can get more information about Prop 5 and why Prop 10 is bad.
Last month I mentioned that C.A.R.’s Center for California Real Estate (CCRE) will present its third Real Estate Summit, a half-day event that will serve as a catalyst for meaningful solutions to California’s housing affordability crisis. Held on Sept. 6, the Summit will feature leaders from real estate, finance, academia, public policy, and government agencies. If you can’t make it person, don’t worry. We’ll livestream the event to you beginning at 9 a.m. Through general sessions and panel discussions, experts will discuss how to deliver solutions for California’s top housing challenges; fix the housing supply at the regional and local levels; and map the future of California while discussing where and how Californians will live.
This free member benefit is a must-see for all REALTORS® concerned about the future of housing. For more information about the Summit, visit http://subscribe.car.org/e/85202/2018-08-17/5m4s8v/502596439.
Lastly, I hope you all have registered for REimagine! in Long Beach, the biggest and newest California real estate event. Pre-conference, which starts on Tuesday, Oct. 9, is a full day of targeted content with two keynote speakers, and a relationship building networking lunch for new agents, brokers, teams, business planning, and coaching. REimagine!—on Wed., Oct. 10, and Thurs., Oct. 11—is packed with new experiences, endless networking opportunities, motivational TED Talk style presentations, and powerful takeaways from deep-dive learning sessions. Everyone is invited to kick-off REimagine! on Tuesday night at The Party. Starting at 5 p.m. in the hall, you can grab a drink from a local brewery, enjoy small bites, win prizes, explore new products emerging on the real estate scene, talk to 200+ vendors, and have first access to all the swag you can fit in your bag. Network all night, challenge new friends to games, and get ready for a great time. The Party is free to attend, but you have to register for REimagine! at reimagine.car.org.
Have a great weekend.
Sincerely,
Steve White
2018 President
CALIFORNIA ASSOCIATION OF REALTORS®