Are you a homebuyer or a homeowner in the state of California. If so, how will SB 8, SB 9 and SB 10 affect you as well as any real estate that you own? What is SB9? What is SB10? In this video, we are going to discuss the three different housing initiatives that Governor Gavin Newsom signed into law that is supposed to address the statewide housing affordability issue in California.
California House Prices INCREASE while Buyer Demand Drops Watch this NEXT ⏩ –
August Home Sales and Home Prices Report –
🏠 – First Time Home Buyer Course –
✅ – Get a Referral to a Mortgage Lender or Realtor –
🏡Want to become a Real Estate Agent –
What is SB9 and SB10?
Senate Bill 9 (SB9)— introduced by Senate leader Toni Atkins, a San Diego Democrat, as the centerpiece of her affordable housing package — will allow most homeowners to build two homes or a duplex on a plot zoned for a single house, and in some cases, split their lot and build two additional homes, starting on Jan. 1. The total number of units on a single lot is limited to four.
The criteria for eligible homes is pretty lengthy, and notably excludes those in environmentally-sensitive areas and in historic districts, as well as those that are subject to deed restrictions or rent control, or that have been occupied by a tenant in the last three years. To split a lot, neither of the parcels can be smaller than 1,200 square feet, and the homeowner must sign an affidavit they will remain in the house for the subsequent three years — designed as a guardrail against potential speculation. Out of 7.5M CA households on about 400K make sense to build according to a study done by UCLA
Senate Bill 10 (SB10), authored by Sen. Scott Wiener, a Democrat from San Francisco. It allows a city to bypass environmental review to build as many as 10 units on a single-family parcel near a transit hub or urban infill developments.
Senate Bill 8 (SB8), which extends through 2030 an existing law that accelerates the approval process for housing projects and limits fee increases on housing applications at the local level.
Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
Coldwell Banker Realty
➡I N S T A G R A M ➳
#California #HousingMarket #RealEstate