The East Bay area of San Francisco has really been watching the polls, not just for who our next elected officials will be, but because of how the elections will impact the local housing market. It’s an ugly subject but one that is really being covered and analyzed right now. To quote the San Francisco Chronicles, “Voters in cities and counties outside San Francisco are facing 17 ballot measures dealing with affordable housing, homelessness, rent control and evictions — all issues prompted by the rising cost of housing in the Bay Area.”
If you’re looking to either sell or buy a home in the East Bay area of San Francisco right now, pay attention! Measure A1 in Alameda County would allow the county to issue up to $580 million in general obligation bonds to buy or renovate affordable housing for low- to moderate-income families, veterans, seniors and people with disabilities. The money would also be used for home-buyer programs for residents. How do you see this helping or hurting the value of homes in Alameda County? And there is an issue with Berkeley right now, too. For example, the agenda items of increases on the business license tax on landlords, a cost that could not be passed on to current tenants, will have a direct impact on the housing market. The measure could provide $3.9 million a year in an effort to create affordable homes.
Measure W in Mountain View is creating an issue, too. The effort really is about rent control on more units and it requires binding arbitration for rent increases of more than 5 percent on some units. There may be some evictions as a result, but this Measure is being touted as a viable option to help low-income families really have affordable living options in the area.
Here’s the thing, all the proposed real estate measures will impact the housing market. It is what they are supposed to do. They are designed to help people, but there is always a positive and negative effect as a result. With election season almost done, the dust settling today will act more of a predictor as to how housing prices in the area truly move forward – as well as what demographics of buyers, sellers and even renters will benefit or suffer the most.
End story? Well, the elections have had a direct impact in the area and the price of housing as a result has yet to be determined.