California's SB 9, designed to inject supply into the housing market, has seen fewer than 500 property owners seeking to subdivide their land and only dozens of new housing units completed.
Local officials imposed limitations on height, square footage, style, and landscaping, hindering homeowners' ability to comply and profit from SB 9's provisions for more versatile housing options.
Venture-backed firms like BuildCasa are leveraging SB 9 by offering up to $400,000 to homeowners for excess lot space, managing permits, and then selling for development, with 87 homeowners signed, 12 projects, and 24 units approved.
In 2023, California issued 70,000 permits for single-family homes, similar to Houston's metro area. Ben Metcalf of Terner Center at UC Berkeley highlighted the complexity with 140 housing legislations in the state.
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