Assemblymember Holden Looks To Protect Homeowners and Uphold Fair Housing Laws
California Assemblymember Chris Holden has introduced AB 323, a bill addressing the issue of developers avoiding selling to low-income homebuyers in California. The bill has gained support in the Assembly Judiciary Committee, bringing it closer to becoming law.
The affordable housing crisis in California has left many low-income homebuyers with limited options for affordable housing. In response, California has implemented various tools, such as inclusionary zones and density bonuses, to encourage developers to build affordable housing. However, developers have found a loophole in the system by avoiding selling to low-income homebuyers.
To combat this issue, AB 323 was introduced to close the loophole and ensure that developers include affordable housing in their projects. The legislation requires units designated within a developer's approved subdivision map to be affordable, preventing developers from building extra property for non-inclusive purposes. Additionally, the legislation prevents developers from avoiding selling to low-income homebuyers and ensures that affordable housing remains affordable through a petition process.
The significance of the AB 323 legislation lies in its potential to increase affordable housing options for California residents. By closing the loophole and ensuring that all properties built are affordable, the legislation supports fair housing laws and can help address the issue of limited affordable housing options.
Assemblymember Chris Holden has expressed support for the legislation, highlighting its importance in addressing the affordable housing crisis in California. In a statement, Holden said, "AB 323 is an important step towards addressing the affordable housing crisis in California. By requiring developers to include affordable housing in their projects, we can provide more options for low-income homebuyers and ensure that fair housing laws are upheld."
The Assembly Judiciary Committee's approval of the legislation brings it one step closer to becoming law. If passed, AB 323 could have a significant impact on the housing market in California by increasing affordable housing options and providing housing stability for low-income homebuyers.