Wow. Losing proposition, in every way.
If successful, it'll be good incentive for no one to ever buy property in CA, it'll be far cheaper to just rent!
Whoever wrote that 60% rule must not understand basic compounding, the gap will only grow with time. If CPI averages around 4% for 10 years, the landlord's approximate costs go up 48%, but they can only increase rents by 27%. Brilliant.
The landlords costs will double every ~18 years, at least those that track with CPI, yet rents will only double after 30 years!