Page 27 - AAGLA-JUNE 2022

Multifamily News
Continued from page 24
two checks per individual.
• $2.7 Billion for Emergency Rental Assistance. Includes funds for qualified, low-income renters who requested rental assistance before March 31, 2022.
• $1.4 Billion to Help Californians Pay Past-Due Utility Bills. This proposal expands upon last year’s utility relief program to continue this vital support – $1.2 billion for electricity bills and $200 million for water bills.
• $933 Million for Hospital and Nursing Home Staff. Would provide up to $1,500 to hospital and skilled nursing facility workers who have been delivering care to the most acute patients during the COVID-19 pandemic and saved thousands of lives.
• $750 Million for Free Public Transit. This proposal would provide incentive grants to provide three months of free public transportation for communities throughout the state.
• $304 Million to Make Health Coverage More Affordable for Middle-Class Families. This proposal extends health insurance premium assistance under Covered California for families of four earning up to $166,500 annually and would benefit approximately 700,000 Californians.
• $439 Million to Pause the Diesel Sales Tax. This proposal would benefit the commercial sector and drivers, This would include a 12-month “pause” in the sales tax rate for diesel fuel that would provide upwards of $439 million in relief. Unfortunately, there’s no proposal for rolling back the increased gasoline tax.
• $157 Million to Waive Child Care Fees for Low-Income Families. This proposal would provide state-subsidized preschool and childcare more affordable for approximately 40,000 low-income California families with savings of up to $595 per month.
Additionally, California’s minimum wage is projected to increase to $15.50 per hour for all workers on January 1, 2023. The accelerated increase is required by a provision in the state’s existing minimum wage law when inflation exceeds 7 percent. The Governor’s office has stated that the COVID-19 pandemic has purportedly resulted in supply chain disruptions and labor market frictions have contributed to severe inflationary pressures, inflation has soared to its highest rate in 40 years and has been further been exacerbated by Russia’s war in Ukraine. While it is believed that the wage increase will benefit California households that are struggling today, it could further exasperate inflation.
Here’s a question...What will happen to Californians once the “music stops” and all these entitlements end?
CPI Update: New Allowable Increases Go into Effect
Under State Law (A.B. 1482)
The good news for those of us subject to statewide rent control, rent increases this year can be greater, but the obvious bad news is that inflationary pressures have led to rapidly increasing prices for all goods and services. And, to add bad news on top of bad news, the allowable increase under state law, Assembly Bill 1482, is limited to just 10%. Under Assembly Bill 1482, annual rent increases are limited to the greater of (i) CPI + 5%, or (ii) 10%.
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