Stay informed about the latest news in the real estate industry with today’s top stories. Discover how a controversial California law aims to spur new housing by updating the builder’s remedy, allowing developers to bypass local regulations. Explore the housing market predictions for 2024 and the challenges faced by homebuyers, including high mortgage rates and limited housing stock. Learn about the proposed changes to California’s “builder’s remedy” law, which seeks to provide clarity and encourage housing construction while striking a balance between accountability and overreach. Dive into the efforts to address the homeless crisis and lack of affordable housing through ballot measures in Chicago and California, and explore the potential impact of these initiatives. Stay informed and navigate the ever-evolving real estate landscape.
Controversial California Law Meant to Spur New Housing Could Get More Teeth | KQED
Discover how a controversial California law aimed at increasing housing construction may undergo significant changes. Attorney General Rob Bonta is sponsoring AB 1893, a bill that updates the builder’s remedy, allowing developers to bypass local building rules and receive automatic approval for dense housing developments in jurisdictions that don’t comply with state housing law. The proposed changes include reducing the required amount of affordable housing and clarifying project locations and size standards. This update aims to incentivize compliance with state housing laws and empower more developers to utilize the builder’s remedy. Learn more about the potential impact of this bill on housing construction in California.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
Explore the predictions for the housing market in 2024 and the challenges faced by homebuyers. Despite signs of life in the housing market, high mortgage rates, soaring home prices, and limited housing stock continue to hinder affordability. The National Association of Realtors has agreed to a $418 million settlement that will bring changes to broker commissions, potentially disrupting the buying and selling model. Experts anticipate slower price rises this year but emphasize regional variations and local market supply. Discover the factors necessary for a housing recovery and expert tips for navigating the tight market. Learn more about the current state of the housing market and its future outlook.
California’s most controversial housing law, the ‘builders remedy,’ could get a makeover – Daily News
Discover the proposed changes to California’s “builder’s remedy” law, which allows developers to bypass local zoning regulations in jurisdictions that have not met state housing development requirements. The new legislation aims to clarify and rein in the law while providing perks for developers. The bill includes caps on project size, prohibits use in industrial zones, and introduces streamlining provisions. The proposed changes seek to strike a balance between holding cities accountable and avoiding overreach. Supported by powerful Democratic lawmakers, this bill aims to provide clarity and encourage housing construction. Learn more about the potential impact of these changes on the housing landscape in California.
Homeless crises, lack of affordable housing lands on ballots
Explore how cities and states are addressing the homeless crisis and lack of affordable housing through ballot measures. Voters in Chicago and California were given the choice to raise taxes to fund housing and homeless services, with mixed results. While California’s Proposition 1 passed by a narrow margin, Chicago’s Bring Chicago Home measure failed. Other states like Iowa and New Hampshire are also considering legislation to allocate more tax revenues for affordable housing. The growing homeless population and rising rents highlight the need for affordable housing, but passing funding measures can be challenging when voters are concerned about real estate taxes. Learn more about the efforts to address homelessness and the importance of financial investment in affordable housing.