California REALTORS® applaud statewide leaders' endorsement of SB 50

News provided by

Jul 25, 2019, 14:37 ET

LOS ANGELES, July 25, 2019 /PRNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today issued the following statement on new endorsements of Sen. Scott Wiener's (D-San Francisco) Senate Bill 50, which encourages the development of mid-rise and multifamily housing construction around major transit hubs:

"California REALTORS^® applaud Lt. Gov. Eleni Kounalakis, Controller Betty Yee, Treasurer Fiona Ma and Insurance Commissioner Ricardo Lara for endorsing SB 50. The support for SB 50 by four statewide elected officials demonstrates growing momentum for meaningful solutions that prioritize increasing the housing supply to solve California's housing availability and affordability crisis," said C.A.R. President Jared Martin.

"This announcement comes as C.A.R. mounts a statewide campaign called 'Let's Get Serious on Supply' that calls on our state's leaders to support policies that increase the housing supply and asks the very serious question: 'Where will our children live?' The situation is dire and getting worse. A recent survey found that 53 percent of Californians and 63 percent of millennials are considering moving out of state due to high housing costs. And in just the past week, we have heard loud and clear from our membership of more than 200,000 REALTORS^® and brokers the desire for lawmakers to embrace policies like SB 50 that increase the housing supply," Martin said.

This also comes on the heels of a new Google Survey conducted by C.A.R. that found 80 percent of Californians believe our state's elected officials have not done enough to increase the housing supply.

As proud cosponsors of SB 50, C.A.R. stands committed to working with the California legislature, Gov. Gavin Newsom and other advocates to pass this bill with the urgency California's housing crisis requires.

Leading the way... ^® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States, with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS