Affordable housing dies a slow death in California

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Fighting the rule of law on being a sanctuary state isn't enough of a battle. California may be the first to blow up the sanctity of property rights.

The activists are restless in California. This past week The Wall Street Journal broke the news that the required threshold of signatures has been achieved to add rent control to the next ballot. The signatures must next be verified by the pertinent counties and finally go to the Secretary of State to certify those actions. Final certification is expected by mid June.

The nation’s lack of affordable housing is particularly severe in California. Rent control will effectively freeze construction of new housing, including more affordable units for needy Californians. Lack of affordable housing units will further drive up rents. Who wins? Michael Weinstein.  He funneled more than $2 million into qualifying it for the ballot. Stay tuned for more on this is the weeks ahead.

What a week: Mike Rowe interview, the hottest markets for multifamily jobs, the best markets for top pay and growth, those metros where apartment businesses are thriving, and the latest stats on construction. It’s all here in 5 Bullet Friday.