GOVERNOR’S SUPPORT OF PROP 15 IS THE WRONG MOVE
IRVINE, CA — Orange County Business Council (OCBC), the leading voice of business in Orange County, is disappointed with Governor Gavin Newsom’s endorsement of Proposition 15 or “split-roll” property tax ballot measure, a financially devastating proposal during a time of unprecedented economic turmoil and unemployment. Prop 15 undermines California’s landmark Proposition 13 (1978) and will raise taxes by $11.5 billion a year, the largest increase in state history. Instead of badly needed stability and support from the State, Prop 15 would skyrocket taxes and rent for California’s four million small businesses, resulting in higher costs for consumers, all at the worst possible time.
“Businesses struggle to make ends meet and keep their staff employed with little to no relief from ever-expanding regulations, and now proposed tax increases,” said Lucy Dunn, President and CEO, Orange County Business Council. “Restaurants, salons, retailers and other small businesses that make up Orange County’s community character need economic invigoration, not destruction. Prop 15 could be just the final cut in a “death by a thousand cuts” for businesses and jobs.”
Prop 15 is bad public policy and contradicts the Governor’s own housing priorities by encouraging local officials to prioritize higher taxed commercial properties over sorely needed workforce housing. After a year of zero significant legislative solutions to the oft-declared housing crisis, Prop 15 is another step in the wrong direction.
OCBC encourages you to vote NO on Prop 15.
Orange County Business Council represents and promotes the business community, working with government and academia, to enhance Orange County’s economic development and prosperity in order to preserve a high quality of life. OCBC is comprised of the region’s most influential global businesses and organizations in the region, working to assure effective investment in infrastructure, an advanced education system that produces skilled workers, growth of venture capital and high-tech companies, and housing solutions for the workforce. OCBC membership is comprised of some of the world’s largest global corporate leaders as well as representation from local government and academia. For more information, visit https://ocbc.org.