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Chamber Letter RE: OPPOSE Position on Rent Control and Eviction Limits Ballot Measure, pg. 2 3. Affordable housing providers will be impacted. The economic analysis found that approximately 625 deed-restricted affordable housing units could be subject to the rent control provisions. Further, the consultant emphasized that many older affordable housing properties generally operate on low margins, have deferred maintenance, and rely on rent growth to cover rising costs like insurance, utilities, maintenance, and operations. This means the measure may unintentionally place pressure on nonprofit affordable housing providers. Consequently, future affordable housing developments will be impacted because they will fall under the non-rent control regulatory framework that also applies to ADUs, condos, and post 1995 properties. 4. The measure may discourage (re)investment and create long-term uncertainty. The report noted the proposed measure/ordinance could affect decisions by property owners and operators to invest in properties built before 1995 because they may be concerned about recovering their investment. This change in behavior matters for housing quality, neighborhood conditions, and long-term preservation of existing rental housing. 5. Housing availability for future workers could be reduced. While existing tenants may benefit from lower rent growth and stronger protections, the economic analysis warned that reduced housing mobility may limit availability for future workers seeking to move to Redwood City. The availability of housing, both affordable and market-rate, is critical to the health and vitality of restaurants, retailers, healthcare providers, schools, nonprofits, service businesses, and other employers that depend on local housing inventory for their employees. While the advocates of the proposed measure/ordinance are working to address an important issue relating to affordability, they are undermining their cause through this very flawed ballot measure. The burden that will be leveled at the door of the City and property owners across Redwood City as a result of this initiative will cause more problems than it attempts to solve. From the cost to build and perpetually staff a new bureaucracy to enforce this proposed measure, to the drastic impacts for nonprofit developers for affordable housing projects, to the economic impacts as a result of disinvestment will all lead to an unfortunate end: fewer places for current and future residents of Redwood City to call home. It is for these reasons, and the hosts more that have been articulated by other individuals, organizations and associations who will be directly impacted by this proposed measure/ordinance that Chamber San Mateo County respectfully – but emphatically – urges Council to adopt an OPPOSE position on the proposed rent control and eviction limits ballot initiative. Sincerely, Amy Buckmaster President & CEO