LEGISLATURE TAKES FIRST STEP IN ADDRESSING HOUSING CRISIS
The state legislature late Thursday (Sept. 15) took a first step in addressing California’s epic housing crisis by approving a package of bills aimed at providing new funding for affordable housing and easing regulatory hurdles. Two funding bills the Bay Area Council was supporting—SB 2 (Atkins) and SB 3 (Beall)—won passage along with two other bills—SB 166 (Skinner) and SB 167 (Skinner)—that add teeth to existing laws requiring cities to approve new housing. SB 2 creates a $75 real estate transaction fee that is estimated to generate $250 million annually for affordable housing, while SB 3 authorizes a statewide $4 billion bond measure for housing that is expected to appear on the ballot in 2018. The bills, which still need Gov. Brown’s signature, represent a welcome opening salvo against the state’s massive housing shortage and affordability problem, but much more must be done to close an ongoing housing shortfall of 80,000 units a year. To engage in the Council’s housing policy work, please contact Senior Vice President Matt Regan.