""AB 1611 would have impacted not just investment activity in housing, but also public pension systems and millions of Californians who rely on them. Preserving stable, long-term investment in housing is essential to both affordability and economic security.""
""Eliminating the tax benefit would remove a tool that these retirement systems use to provide safe returns for individuals and families.""
""Carlton told KQED Haney's bill would do nothing to promote affordable housing.""
A proposed bill in California aimed at ending tax breaks for owners of 50 or more single-family homes has failed to progress in the legislature. Both President Trump and Governor Newsom have previously shown support for limiting corporate purchases of single-family homes. The bill's supporters argue that it would affect investment activity and public pension systems, which rely on stable housing investments. A coalition of business groups expressed concerns that removing the tax benefit would jeopardize safe returns for retirement systems and ultimately impact affordability and economic security for Californians.
Read at Kqed
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