Here we go again. We warned you the state's escalating housing shortage and homeownership emergency would pave the way for needless non-fix proposals that make it even harder to build, buy, and do business that improves affordability. This time, we're talking about SB 679 (Kamlager), the Los Angeles County Regional Housing Finance Act that establishes the Los Angeles County Affordable Housing Solutions Agency. We know it's a mouthful.
In short, this bill will create a housing finance agency that has bonding authority and the power to impose various special taxes, including a parcel tax and documentary transfer tax.
The agency's stated goal is to increase the supply of affordable housing in LA County by "significantly enhancing" funding and technical assistance for renter protections, affordable housing preservation, and new production. But business, industry, and community leaders know adding another layer of bureaucracy – and setting the stage for even higher property taxes – will only stymie the production of much-needed housing and price more families out of the American dream of homeownership.
SB 679 passed out of the Assembly Appropriations Committee and now heads to the floor. The Legislature has until August 31st to send bills to Governor Newsom's desk for his signature. This anti-homeownership bill can be taken up at any time. We need our grassroots advocacy army to take action NOW.
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#SB679 by @sydneykamlager will grant vast tax and bonding authority to an unnecessary board and further push homeownership opportunities away from families. Join @BizFed and vote no on SB 679.
The cost of funding subsidized housing projects should be borne by ALL residents, not just homeowners and property owners. #SB679 picks winners and losers. Join @BizFed and say no to this anti-homeownership bill.
#SB679 will encourage new taxes and bond costs on homeowners for those seeking to purchase a home and those who already have a home and struggling to keep. SB 679 is misguided and unnecessary. @BizFed
Los Angeles County along with one or any combination of its 88 cities could undertake the goals of this agency now. There is no need for SB 679. Join @BizFed to vote NO on SB 679.
Every vote against this bill is a vote for improved affordability!
Tracy Hernandez
BizFed Founding CEO
BizFed launched in 2008 and now unites more than 245 diverse business organizations. BizFed’s 150 investors include micro-businesses to iconic brands and institutions.