California REALTORS® Back Gov. Gavin Newsom's Housing Proposal

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Mar 13, 2019, 18:48 ET

SACRAMENTO, Calif., March 13, 2019 /PRNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today announced its support of Gov. Gavin Newsom's new legislative proposals to address the housing supply crisis. C.A.R. and its membership of more than 200,000 real estate professionals is encouraged by Gov. Newsom's continued leadership to address the housing shortage head on with bold and innovative ideas that will help put California on the right track to increase supply and protect homeownership.

"Gov. Newsom's legislative proposals demonstrate his steadfast commitment to digging California out of its dire housing crisis," said C.A.R. President Jared Martin. "California's future depends on addressing and solving the housing shortage and this plan provides a strong roadmap to get us there."

The governor's plan, rolled out on Monday, is part of his broader $1.75 billion housing crisis package for 2019. Monday's recommendations call for higher short-term statewide housing goals established by the California Department of Housing and Community Development, $250 million to help cities and counties with planning, $500 million in housing production incentive grants for local governments, $500 million for expanding the State Housing Tax Credit Program to spur middle-class housing production and modernizing long-term Regional Housing Need Allocation (RHNA) goals by 2022. The plan would also provide necessary accountability by withholding SB 1 gas tax funds from jurisdictions that are not compliant with the updated RHNA goals.

"The emphasis on increasing the housing supply through higher short-term production goals and reformed long-term housing goals paired with an essential level of accountability creates a sustainable pathway to achieving the governor's bold vision to 'build housing for all.' REALTORS® look forward to continuing to work with Gov. Newsom and the Legislature to advance these proposals in the coming months," Martin continued.

The governor's most recent announcement, along with bills that C.A.R. announced its sponsorship of earlier this week, continue the needed momentum to prioritize increasing housing supply as the solution to California's housing shortage.

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