As the November 6 election approaches, property owners are investing millions in initiatives against California's Proposition 10, a measure that would repeal the state law that prevents cities and counties from imposing new rent control laws on residential rentals built after 1995. Major U.S. commercial property owners have contributed at least $60 million towards defeating the proposal.
In discussing the effect of the proposition on real estate in California, William Berfeld, real estate partner at Akerman, said just the presence of the measure on the ballot has prompted some apartment owners who were planning on holding onto their real estate to sell their multifamily properties.