By Katy Murphy | [email protected] | PUBLISHED: January 4, 2018 at 9:00 am | UPDATED: January 5, 2018 at 3:28 pm SACRAMENTO — The state’s housing crisis is back on the agenda as California lawmakers return to work after a months-long recess. Proposals floated in the first week of the year would bring major changes to laws governing property taxes, rent control and local zoning rules. Senate Democrats have also proposed a work-around for the recent GOP tax overhaul, which set a $10,000 cap on state and local tax deductions. A bill introduced Thursday would allow Californians to instead donate to the state, receiving a dollar-for-dollar tax credit, so they can — in theory — deduct the full amount from their federal taxes. There is no cap on deductions for charitable contributions. “Last year we passed a historic housing package, but it was just the beginning,” said Assemblyman David Chiu, D-San Francisco. “Given that it took … [Read more...] about Rent control, property taxes and taller apartment buildings: California considers major housing bills in 2018
California association of realtors
California lawmakers are preparing new housing legislation this week, just months after Democrats in both houses pushed through the biggest legislative package on housing in decades. As the Legislature returns for session, state Sen. Scott Wiener, a San Francisco Democrat, will unveil his 2018 proposals. Wiener, author of a new law passed last year that allows developers to fast-track construction projects, is planning to announce a trio of bills Thursday aimed at requiring cities to build taller, denser housing near transit, boosting the supply of farmworker housing and ensuring cities and counties are planning for their fair share of housing to meet demand associated with jobs and population. “We are desperately in need of housing – there are just too many delays,” Wiener said in an interview. “We need to do more to hold communities accountable for producing enough housing to meet the actual need.” Assemblyman David Chiu, D-San Francisco, who has sought … [Read more...] about Last year was a big year for housing in California. Lawmakers aren’t done yet.
Home prices in California will continue to increase next year, but at a slower pace, said a forecast released Thursday by the California Association of Realtors. The median price of a home is expected to rise 4.2 percent in 2018 to $561,000, less than the expected 7.2 percent increase this year. While the forecast from the Realtor group did not include specific San Diego County estimates, researchers said the figures should be similar to the state total because Southern California represents the state’s biggest housing market. Leslie Appleton-Young, chief economist for the organization, said a lack of homes for sale — because of construction not keeping pace and other factors — would keep home prices rising for the next three to five years. But, she said affordability constraints stop the increases from rising higher because of the gap between income increases and home prices. “The slower income growth is really hampering the ability of first-time buyers to get … [Read more...] about Forecast: California home prices will continue to rise in 2018
By CALmatters | PUBLISHED: December 28, 2017 at 2:02 pm | UPDATED: December 28, 2017 at 5:53 pm By Ben Christopher, CALmatters The 2018 elections are coming—and those of you who don’t spend your waking hours monitoring the secretary of state’s website may have some questions. Questions like: Wait, there’s an election next year? And, didn’t we just have an election? And, Is Jerry Brown running again? Yes, yes, and no, but you may hear a lot from the current governor between now and the elections. In fact, expect to hear more political chatter of all kinds as Californians gear up to select a governor, lieutenant governor, attorney general and other statewide constitutional officers; new Assembly members (all of them) and state senators (just half); members of Congress including a U.S. senator; and a yet-to-be-determined number of ballot propositions that may claim to remedy the housing crisis, fix healthcare policy and repeal the new gas tax, for … [Read more...] about Get up to speed: 10 hot topics that will shape California campaigns in 2018
The Union-Tribune examined if San Diego County can build more housing to slow the pace of rent and home price increases.What we found: - Zoning changes, emphasis on townhomes and reduced regulation would likely speed up construction;- Biggest hurdles continue to be anti-growth sentiments and lack of land zoned for housing;- Solutions for the future may include streamlined permitting processes, a change in parking requirements and a greater mix of housing typesSan Diego County housing: Here’s the full storySan Diego County should be awash in new housing projects.Unemployment is low and wages are rising. Many millennials are marrying, having children and aiming to buy. Their parents want to downsize.But the market is not responding.Last year only about 10,000 housing units were approved, and most were for rent, not for-sale homes and condos.Norm Miller, a real estate economist at the University of San Diego, recalls attending a recent community meeting of Morena Boulevard-area … [Read more...] about Special report: Can we build our way out of the housing crisis?
Re “Realtors offer to ‘prop’ up seniors” (Dec. 10): The California Association of Realtors wants senior citizens age 55 and older to have “portable” property taxes, giving them an incentive to sell their Proposition 13-protected homes to younger families. “A lot of older people … are feeling locked into their properties,” said association lobbyist Alex Creel. “They’re holding onto their property not because they like their house but because they like their taxes.” What Creel and other proponents of portable taxes forget is that population outstripped the supply of affordable housing, thanks to decades of massive, poorly-controlled immigration, legal or otherwise. Today, 38 million people live in a state that is projected to have 65 million people by the year 2050. Tell that to activists and politicians who want amnesty, so-called free trade and open borders. — Les Hammer, Pasadena Concern for country … [Read more...] about No end to California’s housing shortage: Letters
The California Association of Realtors predicts 2017 is going to be a good year for the state's inland markets as those on the coast get less and less affordable.The trade group's 2017 Housing Market Forecast, released Thursday, anticipates that the number of homes sold statewide will rise slightly between this year and next. But economists believe soaring prices in Los Angeles, San Diego and San Francisco could slow sales there, while the relatively affordable Inland Empire and Central Valley will see more activity."Job creation, low interest rates, the availability of low-down-payment mortgages... all make it a little more attractive and a little easier for first-time homebuyers to realize that demand. They can't always do it in the urban coastal area, which is slowing, but they can do it in the Inland Empire, the Central Valley and Northern California," said Leslie Appleton-Young, CAR's chief economist and vice president. "In general, the migration pattern fits … [Read more...] about California real estate predictions: Coastal markets slowing, Boomers not selling
Home prices in the U.S. dropped the most on record in the first quarter from a year earlier as banks sold seized homes and foreclosures in California and Florida dominated sales.The median price fell 14 percent to $169,000, the National Association of Realtors said today. Prices dropped in 134 of 152 metropolitan areas, with the deepest declines in Cape Coral-Ft. Myers, Florida, and the San Francisco and San Jose areas.Distressed sales increased transactions in 17 states from the fourth quarter as speculators and first-time buyers purchased bank-owned properties. Such homes typically sold for 20 percent less than others, the NAR said today.The inventory of previously owned homes on the market dropped to 3.7 million in March from 3.8 million a month earlier, according to NAR data. The number of new homes for sale fell to 311,000, the lowest since January 2002,Commerce Department.“We are very much in a bifurcated market with sharp differences between foreclosures and short sales on … [Read more...] about National Association of Realtors: U.S. home prices dropped the most on record in the first quarter
Sales of existing homes rose from January to February in an unexpected boost for the slumping U.S housing market as buyers took advantage of deep discounts on foreclosures. The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003. Sales had been expected to fall to an annual pace of 4.45 million units, according to Thomson Reuters. The median sales price plunged to $165,400, down 15.5 percent from $195,800 a year earlier. That was the second-largest drop on record. February's median sales price was up slightly from January, which recorded the lowest median price since September 2002. Prices are down about 28 percent from their peak in July 2006. In contrast with the housing boom, when buyers took out ever-riskier loans and maxed out their home equity lines, "homebuyers are not over stretching" said Lawrence Yun, … [Read more...] about The National Association of Realtors: Existing home sales jump 5.1%
Wisconsin homeowners would feel less impact from proposed changes to property tax and mortgage interest deductions under a GOP tax reform plan than residents of coastal states, but not everyone here would be unaffected.Local economists and real estate professionals said Thursday that because Wisconsin housing prices generally are lower than those in places such as California and the East Coast, proposals to cap the property tax deduction at $10,000 and limit the interest deduction to existing mortgages and home-purchase loans of $500,000 or less shouldn't have big ramifications in the Badger State."It doesn't appear as though it's going to impact Wisconsin nearly to the extent that it would in some of these markets that have far higher median prices, such as those on the East Coast and certainly the West Coast," said David Clark, a Marquette University economics professor who tracks residential real estate in Wisconsin.Economist Brian Jacobsen, who … [Read more...] about Impact of homeowner tax deduction reforms blunted by lower home values in Wisconsin