LIVE: Prop 33 Election results for California's rent control measure

Results will be coming in shortly for California's Prop 33, a pivotal measure on the November ballot that could reshape rent control policies across the state. Counting is underway, and while the race has yet to be called, the early numbers are starting to give an indication of where voters may stand on this contentious housing issue.

Proposition 33 proposes repealing the Costa-Hawkins Rental Housing Act of 1995, which currently prevents local governments from applying rent control to single-family homes and post-1995 buildings. Proponents of Prop 33 see it as a crucial step towards expanding rent control in an effort to stabilize soaring rents.

The two previous attempts to dismantle Costa-Hawkins in 2018 and 2020 did not pass. If Prop 33 breaks this trend and is approved by voters, local authorities will receive greater power to enact rent control laws that could potentially ease the financial pressures on tenants across California.

Supporters argue that the measure is necessary to combat the high costs of renting in the state, while opponents warn that stricter rent control laws could lead to a decrease in the availability of rental properties, possibly increasing rents in the long term as landlords may be more inclined to sell their properties or convert them to non-rentals.

The passage of Prop 33 would not directly alter existing local rent control laws. However, it would restrict the state from imposing future limitations on local rent control, thus shifting the authority to local governments.

Conversely, a "NO" vote to maintain the status quo would echo the sentiments of those who believe Prop 33 could have unintended consequences that may further strain California's housing market. Critics of the measure, including some property owners and developers, maintain that it could discourage new housing construction and investment.

In 2019, California enacted a law limiting rent increases to 5% plus inflation annually. That measure, signed by Governor Gavin Newsom, remains one state-level approach to address rent hikes.

As election night progresses, officials are urging patience, particularly in light of the expanded vote-by-mail system which may lead to a longer ballot-counting process. With the early results suggesting a closely divided electorate, it is clear that both sides of the debate have mobilized their bases.