C
alifornia Governor Gavin Newsom has signed a package of housing bills aimed at boosting production and reducing homelessness. The seven bills, out of 32, focus on streamlining city approval processes rather than private developments or companies. Newsom said the "original sin" in California is affordability, which he's trying to address.
The new laws require cities to create plans for vulnerable residents, including those earning between 15 and 30% of area median income. This will help build more housing for homeless people or those at risk of losing their homes. Cities and counties will face stricter penalties for rejecting housing projects in violation of state law, with civil fines up to $50,000 a month.
Newsom criticized local jurisdictions that have flaunted state-mandated housing requirements, including Huntington Beach, Norwalk, and Elk Grove. He vowed to enforce aggressive fines on those who refuse to comply. The governor's goal is to build 2.5 million homes by 2030, and he believes local governments need to do their part in achieving this target.
realestate
California Governor Approves Legislation to Boost Housing Construction
California Governor Signs 7 Housing Bills to Boost Production, Lower Homelessness.
Read More - realestate
realestate
TASE Introduces TA-Real Estate 35 Index for Israel's Leading Property Firms
TASE expands products, launching the TA-Real Estate 35 index after the successful TA-Infrastructure launch.
Read More - realestate
realestate
Real Estate CEO: Luxury is all about “Return on Ego”
DarGlobal CEO Ziad El Chaar views co-branded real estate—“limited edition real estate”—as a cultural anchor and elite magnet.
Read More
realestate
Nuveen's bet on a niche real estate subsector: why the global firm is investing
Subsector vacancy fell from 7.8% in early 2016 to 4.4% at year's start, CoStar Group data shows.