AIDS Healthcare Foundation (AHF), the biggest worldwide AIDS association which is operating in 41 nations around the world, has made a $10 million contribution to California’s ‘Yes on 10’ ballot measure campaign.
Popularly known as the Affordable Housing Act, ‘Yes or 10’ aims to repeal the Costa-Hawkins Rental Housing Act, which was passed twenty years ago by only one vote in 1994. According to this act, when a tenant moves out of a rent-controlled apartment, landlords can change or hike the rent at whatever limit for the next tenant.
A decade after the application of Costa-Hawkins, only 14% of the city’s rent-stabilized apartments were affordable to low-income households, as compared to 82% during the Santa Monica vacancy control act.
Extensive investments by AHF in the housing business
Since October 2017, AHF has bought the Madison and King Edward Hotels as well as the 27-unit Sunset 8 Motel in Hollywood. AHF will have repurposed about 600 lodging units in Greater Los Angeles by the end of August 2018 and presumes that, there are nearly 5,000 empty SRO inn rooms/units in Los Angeles which can be utilized for housing.
Michael Weinstein, President of AHF, one of the three proponents of Proposition 10 said, “AHF is proud to announce this campaign contribution to the Yes on 10 campaign, a move in keeping with our overall philosophy to ‘Prevent, Preserve and Produce’ when it comes to addressing the affordable and homeless housing crises roiling California and the nation.” He further added, “We know we will be significantly outspent by the opposition, backed by deep-pocketed developers and investors who continue to wreak havoc in the housing markets. The greed of these billionaire corporate landlords is causing widescale misery for millions of Californians, and the scourge of homelessness will get much worse because the rent is too damn high. The California dream is dying, and only the voters can save it in November.”
Proposition 10 is also backed by labor, tenants, Alliance of Californians for Community Empowerment Action (ACCE), housing advocacy and hundreds of organizations throughout the state including the California Democratic Party.