California lawmakers are scrambling to solve the housing affordability problem growing in the state, with more than 130 bills targeting the issue introduced this year.
Liam Dillon, a reporter for the Los Angeles Times, breaks down the effects of some the biggest bills recently introduced. For example, most bills focus on funding affordable housing projects by eliminating tax breaks for second, vacation homes or adding fees to real estate transactions to raise funds.
Other bills target the reduction in obstacles for developing, such as forcing local governments to streamline the permitting process or enforcing state laws that prohibit denying low-income housing projects.
Two bills aim to help renters save by either doubling the tax credit for renters or allowing couples to save up to $20,000 tax free (individuals can save up to $10,000 tax free) to purchase a principal residence.