With the deadline close, Gov. Brown has finally signed the bulk of the proposed California multifamily housing legislation. While none of the newly passed legislation will affect your tenant screening, you might want to review your rental application and leasing documents. Take a look at the multifamily housing legislation we’ve had our eye on below!
Within this past year, legislation targeting eviction measures and rent control has popped up in numerous states (only to be quickly shot down). Despite the unsuccessful efforts of similar bills, the city of Los Angeles is toying with the idea of proposing “just cause” eviction measures and rent control legislation.
As you well know, the need for affordable housing in the state of California is severe. In fact, according to the National Low Income Housing Coalition’s 2017 study, a California household must earn $30.92 per hour (working 40 hours a week) to afford a 2-bedroom home without paying more than 30% of their income. Just last year California’s 2-bedroom affordability was at $28.59 per hour. While the affordable housing crisis isn’t anything new, two new bills aimed at housing development and affordability has made its way up the ranks.
As we’re well into 2017, quite a few legislative changes have developed since January. With passed and potential bills affecting the multifamily industry and employment on a nationwide and state level, check below to see if you’re affected.
UPDATE 4/7/17: Legislators have decided to make AB 1506 into a two-year bill, and will be tabled for the rest of 2017. Click here for more information.
A California Assembly Bill was introduced two weeks ago that would repeal the Costa-Hawkins Act. The bill, AB 1506 (BLOOM), would devastate the rental industry by allowing local governments to control your rental rates. Although this bill is in the early stages, we encourage you to call your local Assemblymember and voice your opposition when it is presented on the assembly floor.