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Whitelaw and Sons Real Estate Morgan Hill
Whitelaw and Sons Real Estate Morgan Hill

2020 California Propositions Vote Results – The Real Estate Impact

by Nov 13, 2020Real Estate Realities Podcast/Vidcast0 comments

real estate propositions 2020

Written by Robert Whitelaw, Realtor®/Broker/Owner

Born and raised in Silicon Valley, Robert has helped clients successfully buy, sell and invest in real estate from Palo Alto to Gilroy and Los Gatos - and beyond! Robert rates his success on providing the highest level of value to his clients.

November 13, 2020

Californias Real Estate Market Dodged A Bullet This Election Season

Real Estate Property TaxesIt is time to take a look at the results for the 2020 California Propositions that were aimed either right at real estate, or would have had a big effect on the real estate market.

Those included:
Proposition 15 – Split Roll Property Taxes to increase commercial taxes
Proposition 19 – Property Tax on Transfer Breaks
Proposition 21 – Rent Control

There is good news for folks in the world of real estate, but there is a good reason to take a minute and think about these results. While all is well now, there are indicators that down the road, the landscape just might change.

For anyone who might be considering buying, selling or investing in property, the 2020 election presented some very concerning propositions. For now, all of them were defeated, but in some cases, it is reasonable to consider that a) they will bring these up again and b) when they do, if we are in more stable times, some of these might just pass.

A growing trend in real estate focuses on residents who are looking for paths to exit the state. With an increasing trend on the part of the State Of California to bring in more and more money – it is logical to expect them to set their eye on real estate where so much value is present. This first attempt to at least move the ball forward on increasing property taxes was aimed at commercial properties, that would be just a first step toward broader attacks on the protections and limits we currently enjoy relating to property taxes.

As usual, I will keep an eye on these developments and share what I find so that you can make the best possible real estate decisions!

Check out my previous show about Proposition 15!

Here is a link to the freakonomics article/podcast that was suggested in the video:

 

Why Rent Control Doesn’t Work (Ep. 373)

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