Web Version [link removed] | Update Preferences [link removed] Press Release California Business Roundtable Moves In Support of

AB 1482 (Chiu)

FOR IMMEDIATE RELEASE

September 5, 2019

CONTACT: Brooke Armour

916.553.4093

SACRAMENTO—The California Business Roundtable, an association of California’s large employers, including some of the largest multifamily and single-family rental companies in the state, today announced it has moved in support of AB 1482, as amended on September 5.

“With amendments that exempt most single-family homes and extend the exemption on new construction, AB 1482 now strikes the right balance between providing better protections and certainty for renters while ensuring investment in new multifamily and single-family housing development,” said Rob Lapsley, president of the California Business Roundtable.

Under the recently amended bill, annual rental increases would be capped at regional CPI + 5 percent. In addition, the bill contains complementary just-cause provisions for lawful tenants after 12 months of residency. In addition to the individual single-family home exemption, AB 1482 contains a rolling 15-year new construction exemption and will sunset in 10 years.

“We are committed to seeing AB 1482 fully implemented and will work to defeat any flawed ballot measures or legislation that will weaken or undo the certainty and protections provided in this bill,” Lapsley continued. “It is important to note that this is just a first step to more comprehensive housing solutions. The barriers that led to this crisis—development impact fees, lack of CEQA reforms and a growing list of expensive regulatory mandates, to name a few—are still preventing the new supply we so desperately need. We are ready to work with the Legislature on these priority issues in order to meet the governor’s ambitious housing goals.

“We strongly urge members of the Legislature to support this bill as a critical first step that will pave the way for further action on long-term housing solutions.”

AB 1482 was amended on September 5 and can be taken up for a vote in the Senate on Monday, September 9. It then will go to the Assembly for concurrence on Senate amendments before September 13, 2019.

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