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June 5, 2026 Mayor Elmer Martínez Saballos and Members of the City Council City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 RE: Agenda Item 8.A. - Request for Additional Economic Analysis for Proposed Rent Stabilization Measure Dear Mayor Martínez Saballos and Members of the City of Redwood City Council, For seven decades, the San Mateo County Economic Development Association (SAMCEDA) has been a leading voice for the economic engine that is San Mateo County. SAMCEDA believes in the power of a strong economy driven by an appreciation of what that engine provides to our ecosystem on the Peninsula. By working with employers of all sizes and industries, engaging with our public sector and our elected leadership, recognizing that we have 21 individual jurisdictions (20 cities and one county) and collaborating and communicating with the Chambers of Commerce, non-profit organizations and our educational institutions, SAMCEDA tackles the most difficult challenges through goal-oriented solutions. As the City Council considers the proposed rent stabilization measure and whether to place it on the November ballot, we respectfully request a more comprehensive economic analysis of the proposal’s potential long-term impacts on housing, employers, residents, affordable housing providers, and the City’s fiscal condition. The staff report provides an important foundation, but several issues warrant deeper examination before voters are asked to make a decision on a measure that could have significant and lasting implications for Redwood City’s housing market and economic vitality. Affordable Housing Preservation The report identifies potential financial and operational challenges for deed -restricted affordable housing developments and other older affordable rental properties that could be subject to the measure. We believe this issue deserves significantly deeper evaluation. Specifically, the City should assess potential impacts on nonprofit affordable housing providers and the long-term preservation of existing affordable housing stock, including: • Projected revenue impacts over time; • Effects on operating budgets and financial sustainability; • Potential deferred maintenance consequences; • Impacts on capital reserves and replacement reserves; • Effects on rehabilitation and modernization efforts; and • Risks to the long-term preservation of existing affordable housing units.