Likely Defeat of California’s Prop. 21 a Win for Commercial Lenders

Likely Defeat of California’s Prop 15 a Win for Commercial Lenders
National Mortgage News, Nov. 4, 2020–Bonnie Sinnock (subscription)
With the majority of election results in, the Golden State’s ballot measure to expand rent control, Proposition 21, looks as though it will not pass, leaving commercial financing entities to claim victory over one of the two state ballot measures they opposed in the state. “The early returns are very promising. So far, we’re happy with the outcome,” said Mike Flood, senior vice president of commercial and multifamily policy at the MBA, commenting on early election results. “If I’m a lender, I would have to think whether it makes sense for me to lend in nearly 500 cities with different rules.”