California Governor Gavin Newsom unveiled his plans to address the state’s housing crisis, one of his top priorities to help Californians.
In a statement, Newsom said, “The California Dream is in peril if we don’t act to address this housing crisis. The cost of housing — both for homeowners and renters — is the defining quality-of-life concern for people across this state. Housing costs threaten to erode our state’s long-term prosperity and are driving hardworking Californians to look for opportunities elsewhere.”
During a roundtable discussion in San Jose, Newsom said he is “proposing a series of unprecedented actions” to tackle the problem.
Newsom wants to allocate $1.75 billion for housing development
Newsom’s proposals include appropriating $1.75 billion to incentivize housing development and promote economic growth. His administration plans to give $500 million in incentives for localities that creates new housing. It will also give cities and localities $250 million for technical assistance to speed up zoning and permitting process. Additionally, it will invest $500 million for tax credits and $500 million for home construction
