The California Association of Realtors' annual Legislative Day is an opportunity for California's Realtors to meet with their state legislators and discuss issues that affect homeownership, their clients, and the real estate industry. This year's event was especially important in light of the state's housing affordability and supply crisis.
Members of the Silicon Valley Association of Realtors last Wednesday met with state Senators Jim Beall and Jerry Hill, and Assembly members Evan Low and Marc Berman. They asked them to take C.A.R.'s position on the following bills:
Support AB 1979 (Bonta/Steinworth) - Homeownership Savings Accounts, whichwould allow homebuyers to establish a Homeownership Savings Account (HSA) to purchase a home without paying tax on the interest earned on funds in that account; permits taxpayers to exclude from gross income earned on money contributed to a HSA up to 20 percent of the median home price as determine by the Department of Housing and Community Development; and permits contributions to the HSA from relatives and others. This would help families struggling for a down payment on a home, benefiting 3.5 million potential homebuyers.
Support SB 1469 (Skinner) - Accessory Dwelling Units, whichwould streamline the approval process for building accessory dwelling units (ADUs) by prohibiting the imposition of impact fees, connection fees and other fees levied by local entities on their construction and would only permit local government to deny construction if it adversely impacts fire and life safety. The bill also states if the local government fails to act on the application within 60 days, the project would be approved.
Oppose AB 2618 (Bonta) - Specialty Licensing,whichrequires real estate licensees to complete a mandatory property management certification program to perform property management services that they are already licensed to provide. It also requires private owners to obtain this certification even if they use a licensee to manage their property. Realtors say the measure is unnecessary, duplicates existing law, and provides no additional consumer protections.
The legislators were very supportive of the Realtors' position on the bills and their call for more housing. Beall noted last year was a big year for housing with the passage of 15 bills addressing housing.
"My job is to make good meaningful legislation. 2017 was a historical year for housing legislation," said Beall.
Beall said he is proud of the $4 billion housing bond on the November 2018 ballot, which would help military veterans purchase homes with low or no down payment at below-market interest rates, pay for affordable housing programs and help construct about 50,000 homes. Another bill he co-authored would allocate $2 billion in general funds for affordable housing.
These bills will help, but they don't create enough housing, said Beall. "We need an ongoing source of revenue. Our next step is to strategize in 2019 for an ongoing source of revenue."
On SB 1469, Beall said he would like to treat ADUs the same as a remodeling project. "I think it's important that we legalize safe ADUs so they don't have to be illegal and encourage limiting fees or not apply fees. It's good for the county and creates more jobs," said Beall.
The legislators encouraged Realtors to "keep doing what you're doing." Berman said, "The housing crisis is severe and we all need to come together to solve it. It's going to take a long time to develop our way out of this."
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.
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For further information, please email or call the SILVAR office at (408) 200-0100.