<strong>C.A.R. OPPOSES SB 464 (KUEHL) REQUIRED OPERATING TIME FOR PRIVATELY OWNED RENTAL PROPERTY<br /><br />BACKGROUND:</strong> Existing law prohibits any public entity from taking any action that would force owners of residential rental property to continue to offer their property for rent or lease. SB 464 would grant local governments the authority to require landlords of all rental property, including single family dwellings, to stay in the rental business for a minimum of 5 years after the purchase of that rental property. Furthermore, SB 464 requires that landlords give ALL tenants a one year notice of termination of tenancy if a disabled or a senior citizen that is 62 years of age or older reside within their rental units.<br /><br /><strong>WHY C.A.R. OPPOSES SB 464?</strong> Because it discourages investment in rental housing by placing a substantial limitation on a property owner's right to legitimately go out of business. If passed, this measure will negatively impact property values, selling prices and hinder investors' ability to obtain loans on rental property. Finally, this measure creates a biased standard against rental property owners—the legislature does not demand any other business to operate for 5 years when they open for business.<br /><br /><p><strong>HERE'S HOW YOU CAN HELP!</strong><br />Dear Legislative Liaisons, Local Association Executives and Government Affairs Directors, we need ALL REALTOR® voices to be heard in Sacramento to defeat SB 464! As you know, it doesn't take much time, but the benefits are lasting! The key to success for REALTORS® is being informed and active! Please forward this email and strongly encourage your fellow REALTOR® to sign up as a Legislative Liaison by using the following link <a title="http:///" href="http:///">http://www.cargovtaffairs.org/html/contact.html.</a></p>
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