Governor Jerry Brown and legislative leaders issued a statement on July 17 stating they were going to make affordable housing legislation a top priority for the final weeks of session.

While the actual package of bills that will be included in the housing deal has yet to be formally announced, the Governor and leaders have insisted that new money for affordable housing will only be available if it is paired with streamlined regulations at the local level.

There are three bills that have been mentioned the most as being part of this package:

 SB 2 (Atkins) Real Estate Document Tax: Imposes a tax of at least $75 on all recorded real estate documents which is re-directed to public affordable housing programs, emergency shelters, and transitional housing.

 SB 3 (Beall) Affordable Housing Bond Act of 2018:  A $3-$5 billion general obligation bond to fund public affordable housing programs and infill infrastructure projects including.

 SB 35 (Weiner) Affordable Housing Regulation Streamlining: Seeks to streamline multi-family housing project approvals by streamlining the approval process in exchange for agreeing to project-labor agreements (PLAs) which will trigger prevailing wage on private projects.

We are working with our membership to determine how to move forward on this package of bills.  However, our industry remains opposed to the new taxes contained in SB 2 as the bill is a regressive measure that inserts a convoluted tax into the middle of day-to-day real estate business.

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