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Housing Proposal Of Gov Newsom Backed By CAR
The California Association of Realtors (CAR) announced their support of Governor Newsom's housing proposal to address the dire housing situation of the state. His new legislative proposals are aimed at tackling the housing shortage head on with bold ideas to help increase supply and protect homeownership.
His plan, rolled out mid-March, is part of a larger $1.75 billion housing crisis package for 2019. It calls for higher short-term housing goals established by the California Department of Housing and Community Development. The breakdown is as follows: $250 million to assist cities and counties with planning, $500 million in housing production incentive grants for local governments, and $500 million to expand the State Housing Tax Credit Program to spur middle-class housing production and reform long-term Regional Housing Need Allocation (RHNA) by 2020. The plan will hold accountability by withholding the gas tax funds from regions that are not compliant with these new RHNA goals.
“The emphasis on increasing the housing supply through higher short-term production goals and reformed long-term housing goals paired with an essential level of accountability creates a sustainable pathway to achieving the governor’s bold vision to ‘build housing for all.’ REALTORS® look forward to continuing to work with Gov. Newsom and the Legislature to advance these proposals in the coming months,” said CAR President Jared Martin.
Governor Newsom's plan coincides with CAR sponsored bills in an effort to continue the momentum to increasing housing supply in California.
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In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where