Asian shares fall, long-dated Treasuries set for worst week in a year
A monster diamond, ancient lipstick and erotic Roman frescoes: 15 remarkable discoveries of 2024
Mexican senate approves work benefits for app drivers
Dollar set for best week in a month on cut-then-wait Fed outlook
Jones, Jefferson help No. 3 Iowa State rally past Iowa, 89-80
Hidalgo scores 29 as No. 8 Notre Dame holds off No. 2 UConn 79-68
Getty ImagesVoters have rejected Proposition 33 – a measure to expand local rent control – in California Tuesday night.
This proposition would have given local governments more authority to enact rent control by repealing the Costa-Hawkins Rental Housing Act, a state law that limits it. This measure would have given cities more freedom and power to limit how much landlords can raise rent.
Prop. 33 would have caused a reduction in local property tax revenues of at least tens of millions of dollars annually. This is due to a likely expansion of rent control in some communities.
Supporters of Prop. 33 said rent is too high in California. They said rent control in America has worked to keep people in their homes since 1919 and that California’s 17 million renters need relief. Supporters also said homeowners and taxpayers benefit from stable communities.
Opponents of Prop. 33 said this was the latest corporate landlord anti-housing scheme. They said California voters have rejected this rent control measure twice before because it would have frozen the construction of new housing and could potentially reverse dozens of new state housing laws.
The Associated Press declared that Prop. 33 didn’t pass about four hours after polls closed at 8 p.m. in California.
