I support the staff recommendation to update the Ellis Act Re-Control provision. To combat the high cost of living, we need more housing supply. The way the current rules are written makes it very difficult for that to happen because they place unfair obstacles in the way of development that don’t allow projects to be built. The 7 multiplier is still too much. Because supply dictates price, we should be closer to a 1:1 ratio and build more housing which will allow prices to fall naturally.
I support the staff recommendation to update the Ellis Act Re-Control provision. To combat the high cost of living, we need more housing supply. The way the current rules are written makes it very difficult for that to happen because they place unfair obstacles in the way of development that don’t allow projects to be built. The 7 multiplier is still too much. Because supply dictates price, we should be closer to a 1:1 ratio and build more housing which will allow prices to fall naturally.