California must build millions of homes by 2030 to address severe housing supply and demand challenges.
That’s according to a new report published Wednesday by the California Department of Housing and Community Development, which is updated every four years and outlines challenges and strategies to address the state’s housing crisis over the next decade…
…Matt Schwartz, president and CEO of the California Housing Partnership, said the legislation would “immediately reduce costs while protecting tenants and ensuring long-term solvency of affordable homes.”
“The creation of a systemwide insurance policy to replace large reserves previously locked into individual properties will effectively repurpose tens of millions of dollars a year to help create more affordable homes,” he said.