California families are facing a harder time finding a place to live than at any point in our history. California’s broken and backward housing policies have contributed to the worsening crisis:
- A decade of disinvestment has starved local communities of the seed dollars they need to bring affordable homes to struggling neighborhoods. A new report from the state’s own Department of Housing and Community Development finds “unstable funding for affordable-home development is impeding our ability to meet California’s housing needs, particularly for lower-income households.”
- We are spending $300 million in tax dollars every year to subsidize purchases of second homes for some Californians when millions more struggle to have a roof over their head at all.
- Existing laws that require local governments to plan to accommodate jobs and growth haven’t resulted in the promised affordable development.
Ignoring the problem over the last five years has only made things worse. The good news is that we can turn things around and create a California where hard-working families, children, seniors, veterans and vulnerable residents have a place to call home.
To that end, CHC is co-sponsoring the following bills:
- SB 2 (Atkins) The Building Homes and Jobs Act creates an ongoing funding source that helps the state live within its means. By imposing a modest $75 document recording fee on real estate transactions, excluding property sales and capped at $225, SB 2 would increase California’s supply of affordable homes, create jobs, and spur economic growth without incurring additional debt.(info about bill including factsheet, our support letter, and sample support letter)
- AB 71 (Chiu) The Bring California Home Act provides an ongoing state funding source for affordable housing by eliminating the state mortgage interest deduction on vacation homes. This deduction results in a revenue loss to the state of approximately $300 million annually. The funds saved as a result of eliminating the deduction would then increase the Low Income Housing Tax Credit (LIHTC) program by $300 million per year.
- AB 72 (Santiago) This bill would appropriate funds from the General Fund to the Attorney General to fund the Attorney General’s duties in enforcing specified laws relating to housing. The bill would require the Attorney General to report to the Assembly Committee on Housing and Community Development and the Senate Committee on Transportation and Housing on or before December 31, 2018, and each year thereafter on the expenditure of the funds.
CHC is also supporting:
- SB 3 (Beall) Affordable Housing Bond Act of 2018 would authorize the issuance of bonds in the amount of $3,000,000,000 pursuant to the State General Obligation Bond Law. Proceeds from the sale of these bonds would be used to finance various existing housing programs, as well as infill infrastructure financing and affordable housing matching grant programs, as provided.
Earlier this year, CHC, along with other leaders in the affordable housing advocacy community, drafted a policy framework of solutions to guide decision-makers as they take action this year to address the state’s affordable housing crisis. Click here to view the Affordable Housing Policy Framework