A bill to extend California’s notice period for nonpayment of rent from three days to 14 failed to garner enough votes to pass out of the Assembly Judiciary Committee, the California Apartment Association (CAA) said. CAA was part of a broad coalition of business, real estate and rental housing organizations that helped derail the measure, at least for the time being.
SB436, introduced by Sen. Aisha Wahab, had already been approved by the Senate and moved over to the Assembly this week for consideration. In addition to lengthening the notice period, the legislation would require landlords to include language in their notices informing tenants that the eviction process can be stopped by paying all rent owed.
In a letter opposing the measure, the coalition wrote, “This proposal is not narrowly targeted; rather, it imposes a universal mandate that undermines existing lease agreements and the principle of timely rent collection that underpins housing operations across California.”
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
Learn more
An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
Learn more
The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
Learn moreRe/Max Real Estate Professionals
Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
California