CAREB Newsletter June, 2021
There are lots of well-intended pieces of legislation pending in Sacramento. While all are brought forth with the best of intentions, some are more on target than others, at least from the perspective of the Real Estate Industry at large, and Realtists© specifically. Here are some we that hit the target and some that, in our opinion misses the mark.
AB 491 Gonzales – A Fair Housing Initiative. This initiative corrects a plan by some builders of mixed-use residential units with an LMI set-aside. Previously, some builders were restricting the LMI owners from use of the property’s amenities such as swimming pool, or clubhouse, and even requiring LMI owners to use a separate entrance. This initiative corrects that misguidance and CAREB SUPPORTS this bill.
AB 255 Muratsuchi – Prohibits Commercial Property owners from evicting COVID affected business tenants through August 2021. CAREB sees this as unfair to property owner rights and OPPOSES this bill.
AB 8544 Lee – Stemming from the ELLIS Act of 1985, this bill confuses the parameters for a property owner going out of the landlord business. Currently there is a five-year notice period required and this bill would force a longer notice period by landlords to some tenants. The current rule of five years is fair and does not need to be changed. CAREB OPPOSES this bill.
AB 1199 Gibson – This COVID related proposed bill would tax apartment owners who take rental units off the market. Currently COVID affected tenants who pay 25% of their lease cannot be evicted which puts landlords in a conundrum of having to lease new vacancies at the risk of receiving only 25% of the agreed rent rate. CAREB OPPOSES this bill.
We will continue to keep Realtists apprised on how these bills and others are doing.Malcolm N. Bennett, Broker/REALTOR® President-Founder of International Realty & Investments, President of Minority Apartment Owners Association, Court Appointed Receiver and Expert Witness. Mr. Bennett holds many awards and distinctions and is a contributing writer.