Photo: Patrick Nouhailler/Flickr
It’s nearly election day in the US, and in five midsize Silicon Valley suburbs, rent control measures will be on the ballot. Residents will be asked to vote on whether such measures should be instated to help make living in the area more feasible for the middle class.
To get an idea of why rent control measures are up for discussion, consider this: in the first quarter of this year, the median rent for a one-bedroom apartment in Santa Clara County was $2,361, The Silicon Valley Business Journal says. That means a person making about $85,000 before taxes would still be spending around a third of their income on rent each month.
Even so, not everyone believes rent control measures are the answer. Speaking to The Wall Street Journal, Thomas Bannon, chief executive of the California Apartment Association, said “[w]e’re taking it very seriously. We are engaged in some pretty aggressive campaigning to get the word out as to why rent control is not the answer.”
How much campaigning? $1.8 million worth. The opposition, led primarily by renters who live in the Silicon Valley, is campaigning with $200,000.
Others are opposed to rent control measures because they believe they detract from the larger issue at hand: Silicon Valley needs to focus on quickly building new housing for all income brackets. Here’s what one Twitter user had to say:
Silicon Valley’s problem: Too many new jobs,too little housing
Proposed solution: 18th century type rent control lawhttps://t.co/N244oOV9hp
— Praveen Chakravarty (@pravchak) October 19, 2016
Wondering what other housing-related issues voters will be asked about on November 8th? We’ve covered Oakland’s Measure KK as well as Prop W and Prop Q in San Francisco. We suggest reading up before casting your vote!