Legislation seeks to address “astronomical” housing costs
.jpg)
Californians will have to wait until late August for their legislature’s vote on a package of bills aimed at addressing the state’s affordable housing crisis.
The package will be finalized after lawmakers return from summer recess, according to a joint statement by Gov. Jerry Brown, Senate President Pro Tempore Kevin de León, and Assembly Speaker Anthony Rendon.
“Astronomical housing costs are straining family budgets and stressing employees who can’t afford to live where they work. That’s unacceptable, and it’s why the affordable housing crisis has been one of our top priorities,” said the statement.
California’s median price for a home hit a 10-year high of $555,150 last June, up 0.9% from May and 7% from June 2016, according to recent figures from the California Association of Realtors (CAR). This was driven by stronger sales in the high and mid-range sectors.
“In fact, sales in the lower price ranges were down significantly as a tight supply of affordable homes continues to plague the market and impede the sales of starter homes,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young. “This factor has disproportionately pushed prices higher at the lower end of the market, leading to eroding affordability that either prevents or delays first-time buyers from getting on the housing ladder.”
The package of 130 bills seeks to ease restrictions on development and create new funding sources, according to a report by SFGATE. A vote was expected this week. “There’s a good chance we’ll take it up very shortly when we get back,” state Sen. Scott Wiener told the publication. “I am cautiously optimistic. We have good momentum.”
The legislation will help ensure Californians “won’t have to pay an arm and a leg to have a roof over their head,” said the statement. “It will include a general obligation bond, a permanent funding source for affordable housing and regulatory reform. This comprehensive approach does what's long been needed in California – build new homes and improve access to housing.”
Related stories:
California shakes off tight supply with June sales jump
Here’s why first-time buyers should head to the Lone Star state
The package will be finalized after lawmakers return from summer recess, according to a joint statement by Gov. Jerry Brown, Senate President Pro Tempore Kevin de León, and Assembly Speaker Anthony Rendon.
“Astronomical housing costs are straining family budgets and stressing employees who can’t afford to live where they work. That’s unacceptable, and it’s why the affordable housing crisis has been one of our top priorities,” said the statement.
California’s median price for a home hit a 10-year high of $555,150 last June, up 0.9% from May and 7% from June 2016, according to recent figures from the California Association of Realtors (CAR). This was driven by stronger sales in the high and mid-range sectors.
“In fact, sales in the lower price ranges were down significantly as a tight supply of affordable homes continues to plague the market and impede the sales of starter homes,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young. “This factor has disproportionately pushed prices higher at the lower end of the market, leading to eroding affordability that either prevents or delays first-time buyers from getting on the housing ladder.”
The package of 130 bills seeks to ease restrictions on development and create new funding sources, according to a report by SFGATE. A vote was expected this week. “There’s a good chance we’ll take it up very shortly when we get back,” state Sen. Scott Wiener told the publication. “I am cautiously optimistic. We have good momentum.”
The legislation will help ensure Californians “won’t have to pay an arm and a leg to have a roof over their head,” said the statement. “It will include a general obligation bond, a permanent funding source for affordable housing and regulatory reform. This comprehensive approach does what's long been needed in California – build new homes and improve access to housing.”
Related stories:
California shakes off tight supply with June sales jump
Here’s why first-time buyers should head to the Lone Star state
