"However, another new law just signed by Newsom will eventually prove far more consequential to the future of California cities. It's called Senate Bill 79 and will leave many California skylines altered, once it plays out, in the direction of population-dense high-rise buildings. Yes, multi-unit apartment construction is down statewide this year from last year's figures by about 20%, making"
"However, SB 79 has the long-term potential to change things in the name of housing density that could help solve the state's shortage. The problem is that it probably won't do that soon because the vast majority (about 70%) of units being built are to be rented or sold at market rates rather than seeking occupancy as subsidized affordable housing."
"Given that well more than half of all California renters pay higher than 30% of their income for housing, relatively few can afford what are called market rates. So thousands of units built in the last three years now lie vacant, while shortages persist elsewhere. Here's what SB 79 sponsor and state Sen. Scott Wiener, D-San Francisco, aims to do: Create a series of mini-downtowns near major transit stops with up to nine-story buildings gradually dropping off in all directions"
California enacted Senate Bill 79 to upzone areas near major transit stops, enabling up to nine-story buildings and gradual transitions into two- and three-story zones. The law applies only in eight urban counties including Los Angeles, San Francisco, Sacramento, Santa Clara, Alameda, San Mateo and San Diego. Multi-unit apartment construction has fallen about 20% this year as new projects require $4,000–$5,000 monthly rent to break even. About 70% of new units are market-rate, limiting affordability while many renters pay over 30% of income for housing. Thousands of recently built units remain vacant even as shortages persist elsewhere.
Read at The Mercury News
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