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1972 – Over 45 years of service to the commercial industrial retail real estate industry – 2018.

Weekly Update- November 6, 2020

November 6, 2020

ELECTIONS NOVEMBER 2020!

Election Day has come and gone but the votes are still being counted in what has turned out to be one of the wildest elections ever.  Record numbers came out to vote in an election that will see the highest vote total ever for a winning Presidential candidate and a sharply divided electorate with several states still undecided.

 

PROPOSITION 15 – SPLIT ROLL PROPERTY TAX – UPDATE!?

The battle over implementing an $11B split roll property tax that has all but consumed the commercial real estate industry for the past year appears to be going down to defeat.  As of today, Prop.15 has 48.3% of the voters saying “yes,” while 51.7 of the voters have said “no.”

Recent updates have moved the numbers further in favor of defeat, however because it remains close, we are not celebrating yet.  We remain cautiously optimistic and will continue to watch the numbers as all the votes are counted.

CBPA and the commercial real estate industry helped raise more than $50M to defeat this effort and our CEO Rex Hime has been part of the No On Prop. 15 executive board since the organization was created several years ago to prepare for this battle.

 

PROPOSITION 21 – RENT CONTROL – VICTORY!

In a much less ambiguous outcome, Proposition 21, the second attempt in two elections to enact statewide rent control, has been soundly defeated, with 59.7% of the voters saying “No” and just over 40.2% voting “Yes.”

 

CONGRESS AND THE LEGISLATURE

Due to several very tight races in which leads have swapped back and forth, there is no clear outcome on the partisan makeup of the Congressional Delegation nor the CA State Legislature yet.

However, as it currently stands the Congressional Delegation has a net increase of two Republicans – 45 Democrats and 8 Republicans.

The California State Senate has a net increase of two Democrats – 31 Democrats and 8 Republicans.

The California State Assembly has a net increase of one Republican – 60 Democrats and 20 Republicans.

 

ALL THE RESULTS

The best place to find all the statewide elections results is at the California Secretary of State’s website:

https://electionresults.sos.ca.gov/returns/ballot-measures

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