Prop 15 Fails to Pass California Voters
This has been a year of tight political races. While most have had their eyes on the Presidential Race, California Commercial Real Estate players have closely followed Proposition 15.
Had it passed, the Proposition would have had significant consequences for the Commercial Real Estate market in California. The Proposition could have put downward pressure on property values and could have had significant implications for tenants because of increased property taxes paid through Triple Net and Gross Leases.
While the results are not yet official and the race remains close, Proposition 15 has been called defeated!
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