In a world of TL;DR, here are my article notes and highlights for
Los Angeles Times Article
“A snapshot of new state government
efforts to tackle California’s housing crisis”
Los Angeles Times Article
By: Hannah Wiley / Staff Writer
Link to Article: https://www.latimes.com/california/story/2022-04-11/new-state-government-efforts-to-tackle-california-housing-crisis
Article Notes and Highlights:
- Senate Bill 9 – Law that went into effect January 2022 and allows homeowners to build up to four units on their single-family lots
- Senate Bill 10 – Allows cities to streamline the development of small apartments up to 10 units if they are near transit and job-rich areas.
- Assemblymember Buffy Wicks (D-Oakland) introduces Assembly Constitutional Amendment 14 – Sets aside 5.00% of state general fund dollars for housing and homelessness every year over the next decade = $10B – 75% affordable / 25% rental assistance
- State Senator Scott Wiener (D-San Francisco) expects Senate Bill 886 to avoid controversy like the UC Berkeley Legal dispute over housing expansion. The Bill would exempt on-campus student and faculty housing projects from the state’s stringent environmental review.
- Assemblymember Kevin McCarty (D-Sacramento) introduced a proposal AB-1602 for a $5-billion loan program to help public college build an estimated 25,000 new units at below-market-rate for students, faculty and staff.
- Assemblymember Tim Grayson (D-Concord) pushing to set aside $600 million in this year’s state budget to support affordable homeownership in California. $200 million to go to down payment assistance programs.
- State Senator Bob Hertzberg (D-Van Nuys) introduced Senate Bill 1457 to create a $25-billion general obligation bond to increase first-time ownership opportunities. $18 billion would go to finance construction costs. Requires voter approval. Hertzberg would rather no one rent an apartment but own something to create wealth, even if just a co-op or condo.
- Unaffordable Housing – Nearly 40% of households in 2019 were “housing cost burdened,” according to an April report from the UC Berkeley Terner Center for Housing Innovation, which means residents were putting at least 30% of their income toward rent or ownership expenses.
- No Entry Level Homes – Only 58.8% of Californians own homes.
- Expanding the California Department of Housing and Community Development Powers – The 2021-2022 state budget established the department’s Housing Accountability Unit with the goal of helping cities more efficiently execute their state-mandated housing plans and, if necessary, cite them for legal violations.
Marcelo Bermudez is a commercial real estate and business capital access expert, a Certified Exit Planning Advisor (CEPA) & State Bar of California Commercial and Civil Mediator. He helps business owners and real estate investors with strategies to maximize business, personal and financial goals and access the capital they need to make it happen
He is a recipient of the Fulfillment Fund Tom Sherak Inspiration Award & USC’s Widney Alumni House Award for excellence & community. Marcelo is a Ventura County Leadership Academy alumni dedicated to studying awareness of critical issues in business, education, government, infrastructure, agriculture, housing & transportation
He is a recipient of the Fulfillment Fund Tom Sherak Inspiration Award & USC’s Widney Alumni House Award for excellence & community. Marcelo is a Ventura County Leadership Academy alumni dedicated to studying awareness of critical issues in business, education, government, infrastructure, agriculture, housing & transportation