Friday, June 08, 2007

SB-464 Ellis Act Legislation Stalled

The state proposed changes to California's Ellis Act, SB-464, failed to pass the State Senate. From Beyond Chron:

"Senate Bill 464, the bill to reform the Ellis Act by limiting its scope to landlords who have owned the property for a certain number of years and sponsored by Assembly member Mark Leno and State Senator Sheila Kuehl, has failed to garner the 21 votes needed to pass. The bill appeared to come within a single vote of passage, only to have San Jose's Elaine Alquist switch to a "no," killing any chances for passage this year. The bill was not brought up for a formal vote, but instead becomes a "2-Year Bill" eligible to be voted on again in January. Beyond Chron will provide a full report on the efforts to win Senate passage next week."

No word on if the retroactive effective date of the legislation, currently proposed as March 27, 2007, will remain the same as the bill comes back to the table next year.

Have questions about the real estate market? Ready to buy or sell your home?
Contact me today.

Amy Blakeley
Realtor ®
McGuire Real Estate
www.amyblakeley.com
abakeley at mcguire.com

1 comment:

Anonymous said...

How does it affect properties already being Ellis acted? What if I Ellis acted mine right now, and it dragged until January? Would on-going Ellis act be affected?

Also, what is the typical price difference for an Ellis acted unit vs a "clean" one? Say, a 1BR unit that would go for on average for $450,000 as TIC with no tenants and no Ellis act. What would be the average price if it was Ellis acted?