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The Weekly ™

By G. David Lapin On June 21 2023

Here's your roundup of recent major news affecting California real estate, housing, and mortgages.

Assembly Bill AB 2097 Took Effect on January 1st

CALIFORNIA - This law eliminates parking requirements within half of a mile of transit stops. Housing advocates and business groups have been in favor of the bill as a critical tool for residential developers - as parking is expensive. 
It is important to note that AB 2097 would still allow cities to impose parking requirements if it can be proved that doing so would hinder its ability to meet its housing targets for lower incomes, or it would make it harder to accommodate Senior Housing and housing for the disabled. The bill also allows residents in Single Family neighborhoods that are near a Cal Train station to convert their garages to habitable spaces, eliminating on-site parking.


 REAL ESTATE - San Francisco is ripe with opportunity. San Francisco is still the mecca of the tech industry. Stanford and Berkeley have the most intelligent young people that require housing and jobs. California will have soon new investment opportunities despite some business fleeing. Redevelopment of existing structures will trend high. We simply do not have enough buildable land. There have not been any non-performing office buildings that have traded in San Francisco in the last year. There also have not been any vacant office buildings that are available today to buy that are ready for a conversion.


MORTGAGE - Affordable housing gets hit again by Fed's pause on interest rates. Demand is still very strong for homeownership, but higher rates, insurance costs, home maintenance, and taxes are huge barriers of entry for a new homeowner to be. Affordable housing just keeps taking a blow. The Fed announced last Wednesday it would hold interest rates steady in June, after the committee had hiked borrowing rates 10 times since March of 2022. Policymakers said they expect two quarter point interest rate increases later in the year.

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