AB 2050/AB 2386

Kyle Chernetsky • May 27, 2022

Don’t let lawmakers force you to stay in business

My name is Soraya Bloom and I am the business development manager for C&C Property Management.

I wanted to take a moment to discuss the two proposed bills, AB 2050 and AB2386, and the dangers these two proposals bring to property owners.

AB 2050s by Assembly Member Alex Lee would require property owners to wait five years after purchasing a rental property before they can either sell the property or move in. This is infuriating and frankly an invasion of an owner’s right to the use of their property. Nobody has the right to put conditions on a purchase that they did not invest in. You, as the owner, have invested your money into your property and have the absolute right to do as you please. What if there is an unforeseen circumstance in an owner’s life that forces the owner to move into a rental property? If it’s before the five-year stipulation, this bill would basically say “That’s too bad. Figure something out”? What benefits, if any, does this five-year gap bring to the owner and to the city? I’d like a detailed breakdown of the financial gain this bill would bring to all parties involved.

The next proposed bill is AB2386 by Assembly Member Richard Bloom which would allow cities and counties to regulate the way in which owners hold property after converting rental property to ownership property.

In rent control cities, one of the most common ways - typically the only way– that owners can hold multifamily property after converting it from a rental property to ownership housing is as a tenancy in common. Only then can owners move in, along with family members or any individuals, and can each occupy a unit as their own.

Again, this is an outright invasion of an owner’s right to use or hold their property as they wish. This bill would strip an owner’s power over their investment and would place it in the hands it does NOT belong to. As a property owner, you must fight for the privilege you have rightfully earned and paid for.

Please reach out to your assembly member TODAY and fight against these bills and the offensive provisions they bring to you as a property owner. Discuss the unnecessary control these bills hand over to the city and county.

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