California is lacking nearly half a million affordable homes, prompting Sen. Dave Cortese to propose SB 750, which would utilize state credit to secure loans for multifamily housing. The intent is to provide favorable interest rates and expedite construction. While some cities have adopted local incentives in response to the adverse market, Cortese argues that broader state actions are needed to attract private investments. The state has historically struggled to meet its housing demand, especially for low-income units, as market conditions complicate financing and project timelines.
California is experiencing a critical shortage of affordable homes, with nearly half a million units needed, prompting calls for bold legislative action to attract investors.
Sen. Dave Cortese's proposed bill would leverage state credit to enhance financing options for multifamily housing, aiming to overcome high costs and stimulate construction.
As market conditions delay housing projects, Cortese emphasizes that local incentives are insufficient; stronger state measures are necessary to spur significant private investments.
California's record on affordable housing permits remains poor, revealing a gap where only a small fraction of required very low-income and low-income units have been authorized.
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