Skip to main content

New Bill to Change the Shape of California Housing

Jan 05, 2018
When it comes to adding apartments to a local housing market, Honolulu is the hardest metro for new rental units, according to survey commissioned by the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC)

A new bill introduced in the California state legislature would provide residential housing developers with the incentive to construct taller and denser developments near major transit hubs.
 

According to a Curbed San Francisco report, SB 827 would exempt new housing developments from certain restrictions if they meet new qualifications as being “transit-rich housing,” which the bill defined as parcels located “within a one-mile radius of a major transit stop or a one-mile radius of a high-quality transit corridor.” The bill defines transit hubs as including an existing rail transit station, a ferry terminal served by either a bus or rail transit service, or the intersection of two or more major bus routes with a frequency of service interval of 15 minutes or less during the morning and afternoon peak commute periods.
 

Properties that are based near these transit hubs would be exempt from California’s maximum controls on residential density or floor area ratio, minimum automobile parking requirements, maximum height limitations and the design standards that restrict the applicant’s ability to construct the maximum number of units consistent with any applicable building code.
 

“After nearly 50 years of bad housing policy—policy designed to make it incredibly hard and expensive to create housing—we began the long process of righting the ship,” said State Sen. Scott Wiener, a co-author of the bill.
 
 
About the author
Published
Jan 05, 2018
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.