Real Estate Articles
Realtors take ‘hot issues' to Sacramento
State Senator Scott Wiener (middle, second top row) poses with members of the Silicon valley Association of Realtors.
At the California Association of Realtors morning briefing in Sacramento last Wednesday, C.A.R. senior vice president Alex Creel told the 2,500 California Realtors gathered at the Sacramento Convention Center that Realtors are for neither political party. Realtors sometimes champion blue issues, and sometimes they are for red issues.
The Realtor party is for homeownership, stressed Creel. "Homeownership matters," which is this year's Legislative Day theme.
In their meetings with state Senators Jim Beall and Jerry Hill, and Assemblymembers Marc Berman and Evan Low, Silicon Valley Realtors sought their support for the Realtor position on the following pieces of legislation:
Vote YES on AB 1590 (Rubio) - First-Time Low- and Moderate-Income Homebuyer Tax Credit for Disadvantaged Communities. C.A.R. is sponsoring this bill which creates a first-time homebuyer tax credit for low- and moderate-income individuals and families purchasing a home in a disadvantaged community, to help them cover unanticipated costs associated with homeownership. AB 1590 allocates $50 million to help first-time homebuyers who have never owned a principal residence; who earn 120 percent or less of the area median income; and who are purchasing a home in a disadvantaged community. The tax credit created is equal to 3 percent of the purchase price of the home or $5,000, whichever is less.
Vote YES on SB 50 (Wiener) - Housing Development Incentives. C.A.R. is co-sponsoring this bill which seeks to authorize the implementation of transit-rich housing project bonuses for new urban developments, so families can afford to live within the communities in which they work. SB 50 encourages the development of mid-rise, multi-family unit, housing construction with close, walkable access to bus and rail transit. Residential developments may only obtain a "height" bonus under SB 50 if they meet local planning, zoning and design requirements. Local governments may approve higher-density housing, with reduced or eliminated parking requirement, provided the site is adjacent to transit or near jobs. This would allow builders to determine the amount of parking necessary to fit the needs of the development.
Vote No on SB 329 (Mitchell) - Mandatory Section 8. C.A.R. is opposing this bill which forces all residential rental property owners to participate in all government assistance and housing subsidy programs, such as the Section 8 housing program, by entering into a legally binding contract with a government agency. This bill forces all landlords into contracts whose provisions they may not be able to fulfill.
The Realtors say the bill does not fix the underlying problems with Section 8. Since housing authorities are understaffed, it can take as long as 60 days before all applications are submitted, inspections are made, and contracts are signed. During that time, the unit sits vacant at a substantial loss to the property owner.
"Instead of fixing Section 8 by remedying its problems so more landlords would be enticed to voluntarily participate in the program, SB 329 creates new mandates, with which not all landlords may be able to comply," said Alan Barbic, president of the Silicon Valley Association of Realtors.
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.