Rent-control expansion proposition fails in California
In Tuesday's election, California voters soundly rejected Proposition 10. The ballot measure represented an effort to repeal the State's rent-control statute and afford local municipalities greater discretion in setting rent ceilings. The Costa-Hawkins Act of 1995 survived the election, however, thanks in part to the support of the commercial real estate industry. Representatives of landlords and developers argued that stricter rent-control ordinances would actually exacerbate California's housing crisis by disincentivizing investors and builders.
See analysis from CNBC here.