How the New Housing Bills Are Expected To Revamp Affordable Housing in California

San Francisco residents are undoubtedly a happy lot. Such a sentiment comes in the wake of the signing into law of a series of long-awaited bills primarily focused on addressing California’s housing crisis. Signed into law by Gov. Jerry Brown in the company of lawmakers, the highly anticipated sign off is widely considered to be a hard-fought victory to the state. More importantly, the Gov. reiterated his commitment to breaking down the problems taking hold of the State.

While addressing an audience of lawmakers, Assemblyman Richard Bloom, hailed the recent milestone by heeding to the plight of the oppressed and staying steadfast in their commitment to providing affordable housing. During the final countdown on the legislative session, the lawmakers impressively approved 15 bills that would effectively tackle the problem in various ways. For starters, two of the key bills would go a long way in funding the construction of affordable yet magnificent housing while the rest would significantly expedite the development rate by providing a smooth transition into the process.

One of the crucial bills sponsored by Sen. Jim Beall placed a $4 billion affordable housing requirement on the November 2018 ballot. Once approved, the bond would subsequently lead to the disbursement of over $20 million in reasonable housing construction in the presence of matching funds and the absence of tax credits.

An additional bill sponsored by Assemblyman Bloom would also allow cities contract developers to incorporate cheap rental units. As a seasoned assemblyman, Bloom is synonymous with sponsoring various bills that have seen the light of day. Fortunately, the housing package has received immense admiration and support by developers and trade unions for the several jobs it guarantees to create as well as providing affordable housing for advocates.

In light of the developments, the Van Nuys-based Valley Industry & Commerce Association deemed it necessary to issue a comprehensive statement ahead of the bill approval citing it a massive step forward in curbing abuse of environmental laws and intricate local planning processes.

Alternatively, Stuart Waldman insisted that the crisis couldn’t persist unabated while families plunged into abject suffering. Also, the California Housing Consortium categorized the milestone as a positive step which should be used to attain enforcement of local planning obligations to build inclusive communities in California.

Highlights from the State Housing Deal

Promoted by Toni Atkins, the Senate Bill 2 is expected to be a permanent avenue of funding reasonable housing and imposing fees to the tune of $225 on specified real-estate transactions including mortgage financing.




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