Bill's $75 fee would add affordable housing
21 February 2013
Photo: John King, San Francisco Chronicle
SFGATE -- In last year's budgetary crunch the state abolished redevelopment agencies which essentially wiped out over $1 billion a year for affordable housing. On February 20th Senator Mark DeSaulnier, D-Concord, introduced the California Homes and Jobs Act, SB391, which would bring is about $525 million annually for affordable housing by imposing a $75 recording fee on real estate documents, excluding those related to sales. Without the addition of such funds Bay Area affordable housing developers will only be able to produce a few hundred affordable homes per year. A similar bill introduced by DeSaulnier last year failed to pass.