US News: California Lawmakers Consider Spending Billions to Fix Housing

US News: California Lawmakers Consider Spending Billions to Fix Housing
August 25, 2017 Peter

Affordable housing advocates are closely watching a package of bills currently under consideration by California lawmakers that would invest billions of dollars in helping to alleviate the state’s severe housing crisis. For years, California residents have struggled to afford surging real estate and rental prices in many of the country’s most expensive housing markets. Nearly one-third of California renters pay more than 50 percent of their income toward rent. If passed, the bills would create a permanent $300 million-a-year fund for affordable housing, streamline the approval process for housing construction in cities and authorize a $3 billion bond for the 2018 ballot, the first housing bond in California for over a decade.

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