Despite valiant efforts by rental housing providers statewide, including tens of thousands of emails and phone calls, the Senate Judiciary Committee has approved various amendments to SB 466. The bill now advances to the Senate floor and possibly onto the Assembly for further review.
What is SB 466?
SB 466 would eliminate many of the protections property owners now have under Costa-Hawkins. Costa-Hawkins exempts properties constructed after 1995 (or following an earlier date if local rent control went into effect prior to 1995) from local rent control. It also exempts from local rent control any single-family home or condo of any age. SB 466 would eliminate these exemptions.
The Senate Committee adopted the following amendments:
- After 28 years, (previously exempt from rent control), rental properties with five-plus units will become subject to local rental control laws. For example, starting in 2024, properties that were constructed and issued a certificate of occupancy in 1996 will fall under local rent control laws (and 1997 properties in 2025) only if local jurisdictions choose to include those properties.
- Exemptions from local rent control of single-family homes and condos remain
- Exemptions from local rent control for properties with up to four units and for ADUs from the so-called “rolling 28-year period.” A 4-unit rental property built in 1996, for example, would not fall under a local jurisdiction’s rent control law.
Despite this temporary setback, don’t give up. Look for further updates as this horrendous bill progresses and BE READY to take action. As we stand by and wait for the next hearing on SB 466, please call your representative in the state senate and ask that he or she VOTE NO on SB 466.
Reprinted with permission of the Small Property Owners of San Francisco Institute (SPOSFI) News. For more information on becoming a member of SPOSFI or to send a tax-deductible donation, please visit their website at www.smallprop.org or call (415) 647-2419.