California consistently falls short on housing. For decades, under-production and lack of dedicated resources have contributed to a supply and demand imbalance, leading to a statewide housing crisis. To address this, we must build more places to live to stabilize housing, and eventually lower prices for homebuyers and renters.
As your Assemblymember, affordable housing has always been one of my top priorities, and I will continue to prioritize housing production, as well as open more avenues for homeownership. Among the highlights in the 2023-24 state budget:
- $500 million for the State Low-Income Housing Tax Credit program for investment of private capital into the development of affordable rental housing for low-income Californians
- $325 million for the Multi-Family Housing Program, the state's flagship housing program that provides low-interest, long-term deferred-payment loans available for new construction, rehabilitation, and preservation of permanent and transitional rental housing for lower-income households
- $200 million to renew the Dream for All program, shared-appreciation loans for down payment and closing costs to assist first-time homebuyers. Includes future modifications to the program to ensure it is even more targeted to first-time homebuyers
- $50 million for the CalHome program to assist low- and very-low-income first-time homebuyers with housing assistance, counseling, and technical assistance
- $50 million for the ADU financing programs, which helps homeowners build an accessory dwelling unit, like a backyard cottage, to rent out
We also are giving a housing supplement to some foster youth who are living independently under a supervised program. This stipend aims to keep them housed by accounting for their city's higher cost-of-living. In San Francisco, for example, the additional amount is about $1,250 per month.
Under a separate higher education budget, more student housing will be built at UCs, CSUs and community colleges. This will take the pressure off of local rental markets, making more apartments, condo and homes available for workers and families.
These investments, along with policy changes to streamline the construction approval process, ensure we keep making progress in easing the housing shortage.