Governor Newsom remains committed to making surplus state land available for affordable housing, but acknowledges that financial hurdles are the primary challenge in achieving the state's housing goals.
Affordable housing requires a complex financing structure that many developers liken to a lasagna, with layers of overlapping funding sources that complicate project execution.
The failure of two high-profile bond measures, one $20 billion and another $10 billion, to reach voters has left many affordable housing initiatives without crucial funding sources.
Though Newsom's efforts to rezone state-owned land have produced some new housing projects, California's ambitious target of 2.5 million new homes by 2031 highlights the scale of the challenge.
#affordable-housing #california-housing-policy #gavin-newsom #housing-development #funding-challenges
Collection
[
|
...
]