Proposition 21 was a November 2020 California ballot measure to repeal Costa-Hawkins. It failed 59.9% to 40.1% — the second failed statewide repeal attempt.
Prop 21 followed Prop 10 (2018, which failed 61/39) and preceded Prop 33 (2024, failed 62/38). All three aimed to remove state-level limits on local rent control. Voter rejection across three cycles suggests relatively stable popular support for Costa-Hawkins' framework.
For LA multifamily owners, Prop 21's 2020 failure and Prop 33's 2024 failure provide durability evidence for the post-1995 premium. Three failed repeal attempts in six years signal that the statute is unlikely to be repealed in the near term, though the risk never fully goes away.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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