California’s Proposition 15, which would have imposed the state’s largest business property tax increase, was defeated, losing by approximately 52% to 48%. Proposition 21, which would have imposed additional rent control rules on property owners, was also defeated, with only about 40% of voters approving its passage.
In addition to these statewide measures, a number of local measures appear likely to be approved by California voters, including Culver City Measure RE, which would raise the transfer tax rate. Voters also approved San Francisco Measure L, which proposed a graduated surcharge on a company’s annual business tax payment if its top executive earns 100 or more times as much as the average employees.
(Contact: Dara Bernstein at dbernstein@nareit.com)