Governor Newsom has until this Friday to sign or veto bills sent to him by the California State Legislature. If you receive BizFed Institute alerts from Kevin Harbour, you were briefed yesterday on several BizFed-supported housing bills that are awaiting Newsom's signature. We're reaching out now to mobilize action on a housing bill opposed by BizFed.
The bill establishes 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 Los Angeles County by "significantly enhancing" funding and technical assistance for renter protections, affordable housing preservation, and new production.
But business leaders know adding another layer of bureaucracy (and setting the stage for even higher property taxes!) will only make it harder to build, exacerbating LA's affordability crisis.
Email Governor Newsom and urge him to veto SB 679. You can borrow advocacy language from our coalition letter signed by the following statewide organizations.
#SB679 by @sydneykamlager will grant vast tax and bonding authority to an unnecessary board and further push homeownership opportunities away from families. Join @BizFed to urge @GavinNewsom to veto SB679.
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 to urge @GavinNewsom to veto SB679.
#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. Please veto SB679 @GavinNewsom.
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 urge @GavinNewsom to veto SB679.
Thank you for amplifying sensible voices!
BizFed Founding CEO
