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Prop 10 debate heats up ahead of mid-terms

Posted by The Aramco Group on Tue, Oct 16, 2018 @ 10:10 AM

The campaigns surrounding Proposition 10, a ballot initiative to be voted on next month, have kicked in to high gear as election day nears. The proposition would allow cities and counties across the state to expand rent control. Supporters say it will offer relief for renters and protect them against unreasonable or exorbitant rent increases. While opponents claim it could lower demand for housing and even prevent owners from setting rent prices according to market trends.

In total both sides of the ballot measure have raised a combined $75.55 million as of October. Opponents have out-raised the support campaign three-fold.

Another housing related ballot measure being put before voters in November include Proposition 1 which would authorize $4 billion in bonds for affordable housing programs. This proposition, unlike Prop 10 had no committees registered in opposition.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Mortgage rates, Rent Control, Proposition 10, Prop 10, Election Day, Prop 1, Proposition 1