Background on Prop. 15: On November 3, 2020, California voters will decide whether to adopt the “Split Roll” Initiative, Prop. 15. If passed, many commercial and industrial properties would lose “Prop. 13 protection,” and would be re-assessed and taxed based upon market value. Residential and agricultural properties would not lose “Prop. 13 protection.” Commercial properties [...]
Background on Prop. 15: On November 3, 2020, California voters will decide whether to adopt the “Split Roll” Initiative, Prop. 15. If passed, many commercial and industrial properties would lose “Prop. 13 protection,” and would be re-assessed and taxed based upon market value.Properties can be reassessed as early as the July 1, 2022 – June [...]
On November 3, 2020, California voters will decide whether to adopt the “Split Roll” Initiative, Prop. 15. If passed, many commercial and industrial properties would lose “Prop. 13 protection,” and would be re-assessed and taxed based upon market value. Properties can be reassessed as early as the July 1, 2022 – June 30, 2023 fiscal [...]
The “Split Roll” Initiative recently qualified for the November 2020 ballot, and is numbered Proposition 15. If passed, many commercial and industrial property owners would lose their “Prop. 13 protection,” and their properties would then be assessed at market value. This article is the first in a multi-part series discussing Prop. 15. In this first [...]
On May 13, 2020, a bill numbered SB 939 became a lighting-rod in California. It proposed that certain Covid-impacted tenants could terminate their leases. Authored by Senator Wiener, SB 939 gained momentum when it passed the Judiciary Committee by a vote of 5-1 in favor of the bill. It then moved to the Appropriations Committee [...]
SB 939 was recently amended to provide additional eviction protections for Covid-impacted tenants in all industries. To be clear, this provision is not limited to restaurants, bars, places of entertainment, etc. This updated section of SB 939 provides, in part: 12-Month Repayment Period: “Covid-impacted” tenants have 12 months after the state of emergency ends to [...]
On May 13, SB 939 became a lightning rod in California – if passed, it would give certain Covid-impacted tenants a right to terminate their commercial leases. It initially applied to all California small businesses. However, SB 939 was just amended and the termination right was narrowed substantially. SB 939's Termination Right Now Applies To [...]
SB 939 provides certain Covid-impacted tenants with the right to terminate their leases if they experience 40% monthly revenue declines (for details on the bill, see California Proposes Lease Termination Right For Covid-Impacted Tenants). Below is an update on the current status of SB 939. SB 939 Approved By Judiciary Committee By 5-1 Vote: Last [...]
Under a proposed California law, certain tenants that experience declines in revenue as a result of Covid-19 can terminate their lease if their landlords do not agree to a rent reduction. This Senate Bill 939 (SB 939) has been introduced in the California Senate, but has not been enacted. Does this termination right in SB [...]
Some tenants are asserting defenses to the obligation to pay rent, particularly where their businesses are closed entirely because of the Covid-19 pandemic. However, if a tenant does not pay rent, it may lose the ability to exercise an option to extend, it may lose future rent abatement, or there could be other repercussions. Under [...]