Democrats looking for billions more to fund affordable housing

Gov. Jerry Brown and Democratic leaders last week touted their “shared commitment” to reach a deal to address the state’s housing crisis, after securing the supermajority needed to extend California’s cap-and-trade program to 2030.

Early signs however suggest that hammering out a deal could be tricky.

The biggest problem? Reaching a deal on an annual source of funding for affordable housing.

Liberal Democrats say when Brown dissolved redevelopment agencies in 2011, cities and counties across the state lost roughly $1 billion a year that helped them build affordable housing. That loss has exacerbated the state’s housing crisis, some say.

Senate Bill 2 from state Sen. Toni Atkins, D-San Diego, would replace some of that funding by levying a new $75 to $225 fee on real estate transactions, generating an estimated $225 million per year.

Senate Bill 3 from state Sen. Jim Beall, D-San Jose, would put a $3 billion general obligation bond for housing before voters next year. Senate Bill 35 from Sen. Scott Wiener, D-San Francisco, would streamline the approvals process for new construction.

Brown, Assembly Speaker Anthony Rendon and Senate President Pro Tem Kevin de León said last week that a deal will include a general obligation bond for housing, a permanent funding source for affordable housing and regulatory reform, but they did not include additional details.

Source: Sacramento Bee

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One comment

  1. Yep.. more taxes and ” Fee’s” will solve the ” crisis” that they caused.. No Country / State in history has EVER taxed it’s way into prosperity and Jerry and his fellow Socialists still haven’t figured it out yet. .History always wins !!!

    Like

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