2019 is going to be remembered as the year the housing market changed in California.
Governor Newsom, along with our state legislature, are intent on changing housing laws in the Golden State for the purpose of having more housing created while at the same time ensuring that housing here becomes more affordable for the state’s population.
In this post we will break down the state of the California housing market and what the Governors goals are for housing here.
Housing Goals
Recognizing that the state severely lacks housing, Governor Newsom’s budget proposal includes close to $2 billion in funds that will go towards creating more housing in California. These funds will specifically go to funding incentives for cities to create new homes, speed up the zoning & permitting process plus streamline homeless shelters in the state.
Besides the ambitious state budget, the Governor also has a goal of working in conjunction with cities to ensure that more housing is built across the state by creating such things as a Housing Accountability Bonus, and Density Bonus.
What Does the Future Hold for Housing in California?
Will the Governor’s proposals to increase housing in California succeed? One can only hope that his desire to create more housing across the state will actually succeed and the bureaucratic “red tape” that most builders face across California will quickly become a thing of the past so that more housing can quickly be built here.
If the Governor Newsom’s goals are successful, they most certainly would create an economic “boom” for California because more housing construction would of course bring jobs and tax money to the state.
Yes, some of the housing bills like AB 36 have the ultimate goal of enacting rent control in California but the long-term prospect of housing in California looks positive especially if both political parties and the wide variety of public agencies that run the state are willing to work together to make it happen.
Contact 36 North Property Management
To learn more about the state of housing in California, or to speak with us about our property management services, contact 36 North Property Management by calling us at (831) 484-4604 or connect with us online.