The California Association of Realtors has announced its support of Gov. Gavin Newsom's new legislative proposals to address the housing supply crises. C.A.R. also announced its sponsorship or support of legislation that make up a bold package of bills to address California's housing shortage through increasing supply and removing barriers to development.
"California is at a tipping point, and the housing crisis threatens to permanently impede the state's economic growth," said C.A.R. president Jared Martin. "It's time for California's leaders to take the necessary bold action and support legislative solutions to address the housing shortage and answer the governor's call earlier this year to 'build housing for all.'"
The governor's vision to address the state's housing needs is part of his $1.75 billion housing crisis package for 2019. Newsom's recommendations call for higher short-term statewide housing goals established by the California Department of Housing and Community Development, $250 million to help cities and counties with planning, $500 million in housing production incentive grants for local governments, $500 million for expanding the State Housing Tax Credit Program to spur middle-class housing production and modernizing long-term Regional Housing Need Allocation (RHNA) goals by 2022. The plan would also provide necessary accountability by withholding SB 1 gas tax funds from jurisdictions that are not compliant with the updated RHNA goals.
C.A.R. says its membership of more than 200,000 real estate professionals stands ready to work with Gov. Newsom, the Legislature and key stakeholders during the 2019 legislative session.
"California Realtors support Gov. Newsom's plans to advance innovative solutions to ensure all Californians can realize the American Dream of homeownership," added Alan Barbic, president of the Silicon Valley Association of Realtors. "We need to address the housing shortage with bold and innovative ideas in order to increase supply and protect homeownership."
C.A.R. supports the following measures aimed at addressing the housing crisis:
SB 50 (Sen. Scott Wiener) Housing Development Around Transit: Boosts housing and apartment development in and around major transit hubs and employers, and provides developers with a "density bonus" - authority to build additional units in exchange for building below-market units - and other incentives or concessions.
AB 1568 (Asm. Kevin McCarty) Housing Accountability: Holds local governments accountable by withholding gas tax revenue if counties do not meet home building benchmarks verified by the California Department of Housing and Community Development.
AB 1074 (Asm. Tyler Diep) Accessory Dwelling Units: Increases housing supply by selling bonds to provide loans to homeowners to construct accessory dwelling units (ADUs).
AB 1020 (Asm. Jacqui Irwin) State Housing Agency: Establishes a state Housing Agency with a cabinet-level Secretary of Housing to oversee all housing-related initiatives and activities throughout the State of California.
SB 509 (Sen. Anthony Portantino) Affordable Housing License Plate Program: Establishes a housing crisis awareness program through the issuance of a specialty license plate by the California Department of Motor Vehicles. The license plate would generate revenues for affordable housing programs throughout the state.
These measures, along with other bills that the state Realtor group is supporting this year, are intended to increase housing construction as the solution to California's housing shortage.
"We are encouraged by Gov. Newsom and the Legislature's leadership to focus on solving the state's housing deficit. Californians deserve policies that make housing more available, affordable and accessible, and we believe that will be accomplished by these bills," said Martin. "To do anything less would put our state's economic future in peril as more and more Californians are priced out of the housing market."
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.