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