In a Critical Victory for the Multifamily Industry, California Voters Defeat Prop 10

WASHINGTON–(BUSINESS WIRE)–Statement from National Multifamily Housing Council (NMHC) CEO Doug
Bibby on California Ballot Initiative Proposition 10:

California voters sent a resounding message yesterday that rent control
is not the answer to solving the housing affordability crisis. Rent
control exacerbates the very problem it attempts to solve—results nearly
universally recognized in academic literature.

While it is clear rent control is the wrong path, more needs to be done
to alleviate housing affordability challenges across the country.
Addressing this crisis will require a three-pronged approach. First, we
must address the tremendous shortage of homes and remove barriers to
adding more supply. Without doing so we will never meet the demand for
4.6 million new apartments by 2030. Second, local governments must take
the lead and find innovative, public-private partnership opportunities
to bring the price point down to create more affordable housing. Third,
we must use targeted subsidies to help the neediest families today.

Proposition 10 was an example of short-term, wrongheaded policy.
However, it also highlights the very real affordability problems that
families are facing. NMHC will continue to work to put forward creative,
unique ideas and policies while remaining vigilant against proposals
like Proposition 10 that would inhibit growth and deepen the
affordability crisis.”

Learn more about rent control at nmhc.org/rentcontrol.

Based in Washington, D.C., the National Multifamily Housing Council
(NMHC) is the leadership of the trillion-dollar apartment industry. We
bring together the prominent apartment owners, managers and developers
who help create thriving communities by providing apartment homes for 39
million Americans. NMHC provides a forum for insight, advocacy and
action that enables both members and the communities they help build to
thrive. For more information, contact NMHC at 202/974-2300, e-mail the
Council at
info@nmhc.org,
or visit NMHC’s web site at
www.nmhc.org.

Contacts

National Multifamily Housing Council (NMHC)
Colin Dunn, 202-974-2370
cpdunn@nmhc.org

leverton

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