Welcome to today’s Real Estate news roundup! In California, the Supreme Court has ruled in favor of builders, granting them the right to challenge impact fees imposed by cities and counties for public infrastructure projects. This decision could pave the way for more affordable housing construction as developers argue that high fees limit affordability. Meanwhile, Forbes Advisor provides insights into the housing market predictions for 2024, highlighting ongoing challenges such as high mortgage rates and limited housing stock. Additionally, Bankrate offers expert advice to help you navigate the complex world of real estate and make informed financial decisions. Lastly, explore an interactive map revealing where developers are utilizing the “builder’s remedy” in the Bay Area, allowing them to propose taller and denser projects in affluent cities. Read on to stay informed about the latest developments in the housing market!
Builders may fight ‘impact fees’ that fund municipal projects in California, Supreme Court rules
The Supreme Court ruled that developers and home builders in California have the right to challenge the fees imposed by cities and counties to pay for public infrastructure. These “impact fees” may be considered unconstitutional if they unfairly burden builders and developers. The decision opens the door for more affordable housing construction as developers argue that high fees limit affordability. The ruling could have a significant impact in California, where local governments heavily rely on impact fees for funding new projects. Read more here.
Builders may challenge California’s development ‘impact fees,’ Supreme Court rules | National | union-bulletin.com
The Supreme Court ruled that developers and home builders in California have the right to challenge the impact fees imposed by cities and counties for public infrastructure projects. These fees may be deemed unconstitutional if they unfairly burden builders and developers. The decision opens the door for the construction of more affordable housing by limiting high fees. In past cases, the Supreme Court has restricted government officials from demanding concessions in exchange for building permits. Justice Amy Coney Barrett emphasized that property rights should be equally protected by legislators and administrators. Read more here.
Builders may fight ‘impact fees’ that fund municipal projects in California, Supreme Court rules
The Supreme Court ruled that developers and home builders in California have the right to challenge the impact fees commonly imposed by cities and counties to finance public infrastructure projects. These fees, known as “impact fees,” may be deemed unconstitutional if they unfairly burden builders and developers. The decision has the potential to significantly impact California, where local governments heavily rely on these fees instead of property taxes for funding new projects. The ruling opens the door for more affordable housing construction by limiting high fees. Read more here.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
As we enter the peak home-buying season, the housing market shows signs of life. However, high mortgage rates, soaring home prices, and limited housing stock continue to make homeownership unattainable for many. The National Association of Realtors recently agreed to a $418 million settlement that will bring changes to broker commissions, potentially disrupting the buying and selling model. Despite ongoing affordability challenges, experts anticipate an increase in home sales transactions compared to last year. While home prices may rise at a slower pace, regional variations and local market supply will still play a significant role. Read more here.
Housing Market Predictions For The Next 5 Years | Bankrate
Bankrate is dedicated to helping you make informed financial decisions. With a focus on editorial integrity, their team of experts provides objective and accurate content to guide you through the complex world of real estate. Bankrate follows a strict editorial policy, ensuring that their content is trustworthy and unbiased. Their goal is to help you navigate the housing market and make smart financial choices. Read more here.
Bay Area map: Here’s where developers are using ‘builder’s remedy’
Last year, dozens of cities around the Bay Area missed the deadline to come up with a state-approved “housing element” — a plan the state requires cities to submit every eight years showing how they will accommodate their share of the 2.5 million homes that California must build by 2031. Without a valid housing element in place, cities face a penalty called the “builder’s remedy,” which effectively allows housing developers to bypass local zoning and design restrictions to propose projects far taller and denser than typically allowed, so long as 20% of the units they propose are affordable. The projects run the gamut from a 412-foot tower in Menlo Park at the former Sunset Magazine headquarters to a sprawling 1,464-unit development near the Charles M. Schulz Sonoma County Airport. The builder’s remedy projects largely target affluent cities around the Bay that have been some of the most resistant to adding new housing, especially at higher densities. Search for builder’s remedy projects around your area on the map. Click on a dot to reveal details about the number of units and the developer.