- Timme Mackie
- (313) 671-6554
Sacramento, CA – Today, Assemblymember Chris Holden's legislation, AB 323, which would stop developers from petitioning their way out of selling to low-income homebuyers and funneling properties to investors, passed the Assembly Judiciary Committee.
"It is within our community's best interest to ensure that inclusionary zones and density bonuses serve the purpose they were intended for in order to continue making strides in equity and access," said Assemblymember Chris Holden.
This bill closes a necessary loophole in legislation that is designed to increase mixed-income development projects and housing stability for California residents. It requires that units designated within a developer's approved subdivision map or for sale as the result of local inclusionary zoning and density bonus policies be sold to a person or family of the required income.
AB 323 prevents developers from using these inclusive policies to build extra property for non-inclusive purposes and self-benefit. This bill goes one step further to make sure that if a petition is submitted to change the deed or income requirement on the unit, the developer must prove that none of the intended applicants qualify.
"With the median cost of California homes nearly grazing a million dollars over the last few years, other issues such as homelessness and economic opportunity are heavily contingent on us building a strategy to keep the housing market balanced. You shouldn't have to be a millionaire to purchase a home," said Holden.
This legislation supports federal and state fair housing laws by ensuring that the people most often impacted by this loophole are given a fair shot at buying a home.