California Rent Control Measure Fails, Landmark Prop. 15 CRE Tax Reform Remains Too Close To Call
November 4, 2020 | Bisnow
California voters have rejected Proposition 21, the second attempt in three years to relax statewide restrictions on rent control, while Proposition 15, which would raise property taxes on thousands of commercial properties in the state, remains too close to call.
At the municipal level, San Francisco voters have come out in favor of the city’s controversial Proposition I measure, which raises the city’s transfer tax rate from 2.75% to 5.5% on property deals between $10M and $24.99M, and from 3% to 6% on properties selling for $25M or more. With 607 of 609 S.F. precincts reporting Tuesday evening, Prop. I had 58% support, needing only a simple majority to pass.
As of 8 a.m. PT Wednesday, 59.8% of ballots had rejected Prop. 21, while 51.7% had been cast to reject Prop. 15, with 99% of state precincts partially reporting. Both measures need only a simple majority to pass. Prop. 15, colloquially known as the split roll, will likely not be called for a day or two at the earliest, poll watchers said.
