California legislators have reached an agreement to provide a $4 billion funding infusion for affordable housing from bond sales.
“The housing crisis not only hurts millions of Californians trying to pay the rent or buy a home, it is a drain on our economy and a danger to our future,” assembly speaker Anthony Rendon (D-Lakewood) said in a statement. “The bond agreement we have reached provides badly needed funding to help Californians, including our veterans, find safe, affordable housing. We’ve said before: it shouldn’t cost an arm and a leg to put a roof over your head – and this agreement will make housing more affordable for many Californians.”
“We cannot continue to ignore California’s startling lack of affordable housing,” Senate leader Kevin de León (D-Los Angeles) said. “In too many of our cities, teachers, police officers, firefighters and service workers – the people we rely on every day to keep us safe, feed us and educate our kids – can’t even afford to live in the communities they serve. This agreement is not a fix-all, but the immediate $4 billion investment will bring down the cost of housing and prevent further harm to our economy and quality of life.”
SB 3 is expected to be taken up in the Senate and Assembly before the legislative session concludes on Sept. 15.
In every part of the state I travel, Californians talk about their deep concerns over housing costs. Learn about what we’re doing: pic.twitter.com/OxjVUwV61a
— Anthony Rendon (@Rendon63rd) August 27, 2017