Newsom signs housing affordability reforms cutting per-unit costs by $60k-$70k
Key Questions
What housing affordability reforms did Governor Newsom recently sign?
Governor Newsom signed a package of reforms aimed at cutting construction costs for affordable housing. These measures are expected to include CEQA streamlining and prevailing wage adjustments.
By how much will the new reforms reduce per-unit housing costs?
The reforms are projected to lower per-unit construction costs by $60,000 to $70,000. They also add $1.6 billion in funding for housing and homelessness programs.
How do these reforms impact projects like ArtHaus in Oakland?
The cost reductions directly improve feasibility for projects such as ArtHaus. They align with broader YIMBY momentum and state pressure to increase housing supply.
Governor Newsom signs AB 179 with $1.6B for housing, including $500M LIHTC, $200M MHP, and One-Stop Shop financing modernization. Signed at EBALDC's Clara E. Chan Lee Residences in Oakland Chinatown. Directly improves ArtHaus project feasibility in Oakland. Aligns with YIMBY momentum and state pressure on housing. Details include cost reductions and streamlined financing.