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California’s new housing bills are about to become law — but not everyone in real estate is happy about it

Affordable Housing Bill Clears First Hurdle in California Legislature Chris. California’s New Budget Will Fine Cities Up To $600,000 Per Month For Not Building Enough Housing

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California lawmakers have made some recent headway in scrounging up public dollars for subsidized housing. Passed last summer, a new $75 fee on home refinancing and other real estate transactions will generate more than $200 million annually for low-income housing. And a $4 billion affordable housing bond measure will be on the ballot this.

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As a result, California drivers were hit last year with an annual $5 billion gas and car tax and property owners were burdened with a new tax on real estate recording documents to fund affordable housing. As if those tax hikes were not bad enough, now comes the third in a trifecta of tax insults: a new tax on water used by homes and businesses.

Compounding California’s affordable housing crisis is the fact that over the past decade, only 311,000 new housing units have been constructed-this in a state that now has 40 million residents. And, to exacerbate the problem, the vast majority of those new units are high-end housing targeted at the state’s upper-income residents.

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California’s governor brown signed into law a package of bills on September 29, 2017, intended to increase the development of affordable housing. The state is deep in the middle of an affordable housing crisis and has been searching for solutions. Some major California cities passed ordinances in recent years, such as San Francisco’s new density bonus programs, to stimulate affordable.

California’s new housing bills are about to become law – but not everyone in real estate is happy about it September 18, 2017 05:30PM By Gregory Cornfield

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 · The California Democratic Party on Sunday voted overwhelmingly to endorse Proposition 10, the statewide Affordable Housing Act, which would repeal the anti-rent-control Costa-Hawkins Rental Housing Act and return power to regulate rents to local communities. Signed into law in.

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