SB 2

Building Homes and Jobs Act

Authors: 

Atkins (D-San Diego)

Co-Authors: 

Senators Beall, Bradford, Dodd, Hertzberg, Hill, Hueso, Jackson, Mendoza, Mitchell, Roth, Skinner, Weickowski, Wiener

Co-Sponsors: 

Housing California

Bill Status: 

Under consideration by Senate committee

Transform Position: 

Support

One of the biggest challenges faced by affordable developers is the lack of funding to build affordable apartments. In just the past eight years, public investment in affordable development has plummeted 66 percent — including more than $1 billion/year that vanished when California's redevelopment agencies were dissolved. SB 2 would establish a permanent source of revenue for affordable housing developments, through a $75 real estate transaction fee on many document transactions. The fee is expected to generate hundreds of millions of dollars annually, and would go a long way toward shoring up affordable housing developments' rocky and uncertain funding streams. TransForm supports this bill, which is sponsored by our allies at Housing California.