FOR IMMEDIATE RELEASE
September 11, 2019

CONTACT: Brooke Armour
916.553.4093
 

SACRAMENTO—California Business Roundtable President Rob Lapsley issued the following statement today in response to the Legislature passing AB 1482 (Chiu), which will create a statewide cap on annual rent increases and enact just cause protections for tenants while still encouraging investment in new single- and multifamily housing supply:

“CBRT helped defeat the flawed Prop. 10 initiative last November because it would have created an inconsistent patchwork of local rent control, which provides no certainty or predictability for renters or developers investing in new housing supply. After Prop. 10’s defeat, we immediately shifted our focus to creating a statewide standard that will put more than 95 percent of multifamily units under a consistent and uniform rent standard. AB 1482 modernizes our current policy to provide certainty to both renters and developers during our ongoing housing crisis. AB 1482 strikes that balance and will serve as a key protection of affordability throughout all communities in California.

“On behalf of the CBRT board, we appreciate the hard work of the governor, Senate Pro-Tempore Atkins, Senator Hertzberg, Assembly Speaker Rendon and Assembly authors Chiu and Grayson to pass this bill. 

“However, 1482 is not the long-term solution we need to reach the governor’s goal for new housing supply. We need to shift our attention to eliminating the barriers to new supply that caused this crisis in the first place. An ever-increasing list of expensive mandates, local development fees and a lack of CEQA reform have decimated our housing supply. We look forward to immediately working with the governor, Legislature and other stakeholders on this critically important next step for California’s housing future.”

AB 1482 passed off the Assembly Floor on September 11 and is headed to the governor’s desk for his signature or veto.

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