The California Assembly has voted to pass SB 2 (Atkins; D-San Diego). The bill imposes a tax of $75-$225 on all recorded real estate documents and dedicates the funds to homeless and affordable housing programs at the state and local level.
The Governor is expected to sign the bill, which is estimated to add $250 million in taxes statewide each year to residential and commercial transactions.
Other affordable housing considered include:
- 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.
- SB 540 (Roth) Workforce Housing Opportunity Zone: Allows cities to create priority housing zones with expedited approvals.
- SB 166 (Skinner) Residential Density and Affordability: Requires cities and counties to always ensure their general plans include enough potential development sites to meet their unmet housing needs.
- SB 167 (Skinner) Housing Accountability Act: Increases the burden of proof a city or county must meet to deny a housing project.