The California Legislature has passed a package of housing bills that will help address the state's housing affordability crisis. The California Association of Realtors, which represents more than 190,000 brokers and agents across the state, hailed the action taken by the state's legislators.
"Realtors throughout the state applaud the California Legislature for taking action to address the state's historic housing supply crisis. These are complex issues that required significant negotiation and ultimately, compromise on all sides," said California Association of Realtors president Geoff McIntosh. "The result is a package of bills that, with Gov. Brown's signature, will be a great foundation for continued action at the state and local levels to meet California's housing needs."
"We must always recognize that until people have the ability and opportunity to buy or rent a home in California, our work is not done. Homeownership is the vehicle for individual prosperity that can help the state fulfill its economic potential," added McIntosh.
C.A.R. estimates 180,000 new units are needed to keep up with the state's growing population. Fewer than half that number are being constructed.
The bills passed include:
Senate Bill 2, from Sen. Toni Atkins, D-San Diego, would impose a $75 to $225 fee on real estate transactions and is expected to generate as much as $258 million per year for low-income housing development and programs to combat homelessness. Home sales and commercial real estate sales are exempt from the bill. The state Realtor association supports this measure.
Senate Bill 3, from Sen. Jim Beall, D-San Jose, would place a $4 billion bond on the November 2018 ballot. If approved by voters, $1 billion would be used to help military veterans purchase homes with low or no down payment at below-market interest rates. The other $3 billion would pay for housing development programs.
Senate Bill 35, from Sen. Scott Wiener, D-San Francisco, would seek to streamline the approval process for new housing by eliminating environmental and planning reviews for some projects.
Senate Bill 166, from Sen. Nancy Skinner, D- Berkeley, would require cities to identify enough development sites to meet unmet housing needs.
Senate Bill 167, also from Sen. Nancy Skinner, D- Berkeley, would prohibit local officials from voting down housing projects that fit within zoning and other land use designations.
Senate Bill 540, from Sen. Richard Roth, D-Riverside, would allow developers to approve local housing projects under one master plan and environmental review document. Fifty percent of projects would be affordable for low-income households. An additional 10 percent of low-income housing will be required in market-rate housing projects.
Denise Welsh, president of the Silicon Valley Association of Realtors, said the six bills are a step forward to addressing the state's housing crisis. "Our legislators clearly understand the critical housing shortage the state is experiencing. We need to provide housing to support job growth and remain competitive," said Welsh.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.