Opinion

Opinion: Housing Affordability Crisis Requires Bold Action

Published

9 years ago

March 27, 2017

Oakland Post

By Assemblymember Rob Bonta

In times of crisis, all options must be on the table.

Many parts of California are suffering from a rental housing affordability crisis. According to a January 2017 Public Policy Institute of California report, our state has six of the nation’s 11 most expensive large metropolitan rental markets. People renting in the Bay Area and Los Angeles are feeling this crisis most acutely.

Another report by the Department of Housing and Community Development showed 84 percent of rental households are now considered “burdened,” meaning these individuals and families are being forced to spend 30 to 50 percent or more of their income on rent.

How can we provide our California tenants with the protections needed to ensure a roof over their heads during this crisis?

One proposal I have put forward for consideration, along with my colleagues Assemblymembers Richard Bloom (D-Santa Monica) and David Chiu (D-San Francisco), is the repeal of the Costa Hawkins Act.

Passed in 1995, Costa Hawkins imposes blanket, statewide prohibitions that prevent cities from protecting tenants in three main areas.

First, Costa Hawkins permanently exempts new construction from any local rent control. New construction is defined as a structure built after 1995. The impact of this law is magnified each year.

It means that years from now, in 2045 or 2095, for example, a 50-year-old building or a hundred-year-old building, originally built in 1995, will remain exempt from rent control under the theory that the building is still considered “new!”

Second, Costa Hawkins prevents local communities from ever extending rent control tenant protections to single family homes or condominiums. In our current housing crisis, California tenants living in these critical forms of housing are suffering too.

Third, and finally, the law imposes a statewide bar on “vacancy control”– or rent control that continues in a unit after a previous tenant has moved out and a new tenant has moved in.

This guarantees that landlords of rent-controlled units have the unfettered ability to hike their rents up, often by hundreds of dollars, to market rates whenever a tenant moves out. The odd logic here is that a community’s need for affordable housing is somehow diminished because a single tenant moves out of an apartment.

This provision of the law has had damaging results. In the years since Costa Hawkins took effect, the affordability of 77 percent of these rent-controlled units has been lost thereby reducing the inventory of affordable units and stripping away protections from countless tenants.

The repeal of Costa Hawkins would remove these three absolute, statewide prohibitions, and, in their place, insert local control.

Because they are closest to it, our local leaders know best the full gravity and destructive impact of our current affordability crisis. Families are being displaced and pushed out. People cannot afford to live in the communities where they grew up.

Workers are having to drive greater distances to their jobs because they can’t afford to live where they work, thus increasing traffic congestion and air pollution and further damaging our already-fragile environment.

Our local leaders see these tragedies play out every day in their communities. And they should be armed with the ability to address them.

Repeal of Costa Hawking would not mean that every local community would subsequently impose or expand rent control laws.

But rather than barring the consideration of tenant protections in these three areas during this time of crisis, it would place an important tool back in the hands of local government leaders.

For those cities that really need it, rent control can be an appropriate and effective tool to protect tenants.

This effort clearly will not be easy. But when 84 percent of renters are struggling, this is an “all hands on deck” moment in which we must act– and act boldly. Repealing Costa Hawkins must be on the table.

Rob Bonta is the assistant majority leader of the California State Assembly representing the cities of Oakland, Alameda and San Leandro.

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Oakland Post: Week of March 18 – 24, 2026

The printed Weekly Edition of the Oakland Post: Week of March 18 – 24, 2026

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1 week ago

March 22, 2026

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Oakland Post: Week of March 11 -17, 2026

The printed Weekly Edition of the Oakland Post: Week of March 11 – 17, 2026

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2 weeks ago

March 17, 2026

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Advice

Women & Wealth: Tips for Navigating Your Lifelong Financial Journey

Published

2 weeks ago

March 15, 2026

Oakland Post

Sponsored by J.P. Morgan Wealth Management

We are in the midst of a seismic shift in wealth. This phenomenon, often referred to as the “Great Wealth Transfer,” describes the unprecedented movement of assets from the Baby Boomer generation to their heirs – an estimated $105 trillion by 2048. And women are poised to inherit most of this.

J.P. Morgan Wealth Management’s 2025 Investor Study found that women are not only set to receive significant wealth – they’re actively working to build it on their own. Ninety-three percent of women surveyed who are expecting an inheritance aren’t relying on it to reach their goals.

Here are a few tips for women to consider in their wealth-building journey:

Create a financial roadmap

A detailed, well thought out plan is important. J.P. Morgan’s study found that 90% of those surveyed with a plan feel confident about reaching their financial goals, compared to 49% without one.

Your plan should reflect your unique goals, priorities and circumstances. Consider your investment horizon and risk tolerance, and remember to revisit your plan regularly as life evolves.

Are you saving up for goals like buying a house, sending your kids off to college or retiring early? Where do you want to be in the next five, ten or twenty years? Everyone’s financial situation is unique, so it’s important to think about these questions and build a plan that is unique to your life.

Women tend to live longer than men on average. Many take career breaks or care for family members, which can influence long-term planning. It’s important to adjust your strategy with these factors in mind.

Where to start with investing

Don’t let misconceptions hold you back. Starting to invest doesn’t require a large sum, and beginning early can be beneficial. The earlier you start, the more time your money has to potentially grow over the years. Understand your overall financial situation, set clear goals and develop a long-term plan.

It’s important to also make sure you’re covered for unexpected expenses that come up before you start to invest. Build up a cash emergency fund, typically enough to cover three to six months of expenses, and pay down any high-interest debt.

Taking charge of your finances

The good news is that women are taking charge of their finances. J.P. Morgan’s research found that 75% of women respondents make financial decisions with their partner or take the lead themselves. For those who have a spouse or partner, it’s important for each person in the relationship to play an active role in the process.

Building wealth can be empowering for many women. The same survey found that 73% of women respondents said money gives them “security,” while 64% of Gen Z and Millennial women associated it with “freedom.”

The power of having a team

Some people find it helpful to work with a financial advisor, so you don’t have to tackle things alone. An advisor can help you craft a plan tailored to your needs and keep you on track throughout your lifelong financial journey. If you expect to receive an inheritance, you should also consult with estate planning and tax professionals.

No matter where you are on your wealth-building path, education is key. It’s so important to be an informed investor, and there are plenty of resources out there to help. You can find a library of free educational resources at chase.com/theknow.

As the landscape of wealth continues to evolve, women have a unique opportunity to shape their financial futures and those of generations to come. By staying informed and planning ahead, women have the tools to help them confidently navigate the Great Wealth Transfer and set themselves up for financial freedom.

The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.  

JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.  