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Laying Out the Law
Following any election, there's always an abundance of discussion about the effects of government on a broad level. But, more often changes to the law influence our day-to-day lives more, especially in an industry such a commercial real estate. Here are some notes on important laws and propositions from the most recent election and 2016 in general that may affect your business.
Minimum Wage Increase
By January 2023, all California businesses will have to pay their employees $15.00/hour. In the years leading up to 2023, there will be incremental increases to that rate. However, some cities will have increased their rates beforehand and on a different schedule.
Repeal of Energy Disclosure Law
While this law was repealed, a new requirement was enacted. Starting January 1st, 2016, utilities must maintain records of energy usage for all buildings they provide service to. These records must be available to the business owners starting January 1st, 2017.
Changes in Ownership Reporting Penalties
When property changes ownership, preliminary paperwork must be filed so the state can assess the property's value. Starting January 1st, 2016, new penalties for not filing this paperwork were put in place.
The proposition that legalized recreational marijuana use in California in the most recent election may cause growth in the commercial real estate industry as it did in Colorado. The new marijuana industry will require infrastructure to operate.
To learn more about any of these legal changes and more, follow the links in the sidebar. And if you need help setting up, maintaining, or refurbishing any of your properties, don't hesitate to call us at 800.892.4784 or email us at firstname.lastname@example.org
2016 California Laws Affecting Commercial Real Estate
Prop 64 and California Commercial Real Estate
Minimum Wage Across the Country