A new fee to be charged on real estate transactions in California is part of a range of measures announced Friday to tackle housing supply and affordability
A new fee to be charged on real estate transactions in California is part of a range of measures announced Friday to tackle housing supply and affordability.
Governor Jerry Brown signed 15 new bills into California state law with the aim of funding affordable homes, cutting red tape and increasing supply of new homes.
"This package has everything from A to Z - affordability to zoning," said Assembly Speaker Anthony Rendon. "It's not a magic wand, but it is going to put a lot of drafting tools, backhoes, hammers, and door keys to work. I'm proud of how the Assembly helped shape this package and of the real results it will deliver for Californians."
The $75 fee on real estate documents is capped at $225 and exempts real estate sales. Its aim is to raise $250 million per year as a permanent funding source for both state and local affordable housing programs.
Another bill signed by the Governor streamlines the approval process for infill developments in local communities that have failed to meet their regional housing needs.
There is also a new law to ensure that cities maintain an ongoing supply of housing construction sites for residents of various income levels.
"Our housing permit process should not be a shell game," said Senator Nancy Skinner. "My bills tackle the 'Not in My Backyard' obstacles that too often keep needed housing from being built."
There are also incentives for local governments to create housing on infill sites near public transportation, and changes to the definition of land suitable for residential development to increase the number of sites where new multifamily housing can be built.
Details of the 15 bills signed into law are available on Governor Brown’s website.
Governor Jerry Brown signed 15 new bills into California state law with the aim of funding affordable homes, cutting red tape and increasing supply of new homes.
"This package has everything from A to Z - affordability to zoning," said Assembly Speaker Anthony Rendon. "It's not a magic wand, but it is going to put a lot of drafting tools, backhoes, hammers, and door keys to work. I'm proud of how the Assembly helped shape this package and of the real results it will deliver for Californians."
The $75 fee on real estate documents is capped at $225 and exempts real estate sales. Its aim is to raise $250 million per year as a permanent funding source for both state and local affordable housing programs.
Another bill signed by the Governor streamlines the approval process for infill developments in local communities that have failed to meet their regional housing needs.
There is also a new law to ensure that cities maintain an ongoing supply of housing construction sites for residents of various income levels.
"Our housing permit process should not be a shell game," said Senator Nancy Skinner. "My bills tackle the 'Not in My Backyard' obstacles that too often keep needed housing from being built."
There are also incentives for local governments to create housing on infill sites near public transportation, and changes to the definition of land suitable for residential development to increase the number of sites where new multifamily housing can be built.
Details of the 15 bills signed into law are available on Governor Brown’s website.
