California Governor Gavin Newsom has recently signed 56 bills into law aimed at incentivizing and reducing barriers to housing development, as well as promoting the construction of more affordable homes. These legislative measures aim to streamline the process for building new housing developments, allow institutions such as nonprofit colleges and religious organizations to utilize their property for housing projects, and uphold a state statute that holds local communities accountable for meeting their designated housing quotas.
Among these 56 bills are three sponsored by State Senator Scott Weiner. One of these measures involves creating a tax increment financing structure in San Francisco that will replace 5,800 affordable homes. Additionally, there are also streamlining and faith institution provisions included in this package.
According to Newsom: “It’s simple math – California needs more housing and it must be affordable.” He further stated: “In collaboration with the Legislature, we have allocated billions of dollars towards this goal. These 56 bills build upon our previous efforts.”
The post titled “56-Bill Affordable Housing Package Signed into Law” was originally published on Connect CRE.
