22 Oct Governor Newsom Vetoes Eviction Delay Legislation
Governor Newsom recently vetoed AB-1487, legislation that would have provided tenants who are facing eviction with the opportunity to have free legal representation.
Although the bill, which would have established a homelessness prevention fund, was recently approved by California’s Legislature, the reality is that this effort is stopped, for now, since California’s legislature doesn’t come back into session until next year.
Even though the bill had lofty expectations that came with it, the reality is that AB-1487 would only have continued to delay evictions in California, and landlords would continue to suffer economically.
What Comes Next For California’s Rental Market?
With a reported 1 in 5 tenants in California unable to pay their rent, the reality is that California faces a potential eviction crisis, the likes of which haven’t been seen before.
The good news is that billions of dollars in rental assistance money is still available for both landlords and tenants in California but the state has been slow at dispersing those funds.
Will We See More Eviction Moratoriums In The Future?
Following the CDC’s recent failure to extend their eviction moratorium, most politicians in California were eager to extend the statewide eviction ban.
With the legislature out of session and Governor Newsom’s recent veto, it’s unlikely that we will see another extension anytime within the coming months, especially since landlords’ groups have been working hard in the courts to oppose new legislation that might further delay evictions in California.
Landlords In California Are Eager To Move Forward
Despite the lack of media coverage in California for landlords during the pandemic, the reality is that most landlords have been struggling financially over the last 12 months.
As of October 2021, landlords in the ‘Golden State’ are owed more than $5 billion in unpaid rent and with the state delaying rent relief payments, it’s up to landlords and tenants to work together because both have a lot at stake right now.
Contact MW Real Estate Group
At MW Real Estate Group, we specialize in full-service property management for multifamily properties in the Los Angeles area.
If you own multifamily property in this area, and you need property management, contact us today at (213) 927-2117 or click here to connect with us online.