Oakland City Council Endorses Prop 10 to End Skyrocketing Rents

OAKLAND, Calif.--(BUSINESS WIRE)-- On July 24, the Oakland City Council voted unanimously to enthusiastically endorse Proposition 10. The statewide ballot measure will allow communities to urgently address California’s housing-affordability and homeless crises by limiting rent increases.

Oakland City Councilmember Rebecca Kaplan said, "Proposition 10 will bring much needed local control back to communities to create stability for renters in Oakland and across California. I am proud that the Oakland City Council has stepped up and endorsed a much needed tool to help keep rents affordable and people from falling into homeless."

According to Trulia, Oakland saw a 51.1% price spike from a median rent of $1,952/month in 2012 up to $2,500/month in 2017.

Oakland City Councilmember Dan Kalb said, "Prop 10 will return decision-making to local communities to help level the playing field for renters in cities across our state. We have seen speculators take over rental markets in California sending rental prices skyrocketing to dollar amounts that working people can't afford.” He added, "This kind of price gouging has exacerbated the homeless crisis as never seen before. Working residents have been forced to live in cars and tents, and in conditions that are not humane. Let's pass Prop 10 to reduce displacement of our residents and give control back to local communities like Oakland so we can work to protect individuals and families struggling to keep a roof over their head.”

While teachers, nurses, seniors, and working-class families struggle to pay skyrocketing rents, corporate landlords and Wall Street speculators profit. Even worse, corporate landlords Blackstone Group, led by CEO Stephen Schwarzman, and Equity Residential, founded by Sam Zell, are funding the opposition campaign. The Wall Street companies who played a major role in creating the nation’s worst housing affordability and homelessness crises are opposed to the Prop 10 effort to address it.

Prop 10 would close the current loophole in California rent control laws that allow rent increases to skyrocket in cities like Oakland. The initiative also guarantees landlord’s right to a fair rate of return, bringing stability to the rental markets, mitigating displacement and creating economic equality.

Lead Strategist Joe Trippi of Yes on 10 said, “We are pleased to welcome the City of Oakland to this epic David and Goliath effort to return power to local communities. The rent is too damn high, and far too many hard-working people are being forced into the streets.”

The City of Oakland joins a large and growing coalition of labor, housing advocacy, community, and civil rights organizations who support Proposition 10, including the City of West Hollywood: www.affordablehousingact.org/endorsements.

Follow #YesOn10 on Facebook and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180813005685/en/

Yes on 10
Ileana Wachtel, 310-702-4240

Source: Yes on 10 / Affordable Housing Act

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