AB 71, originating from the California Assembly, would raise funding for low-income housing construction by ending an existing tax break for second homes.
"In their quest for more money for low-income housing construction, state lawmakers are now turning to Californians who own more than one home," reports Liam Dillon.
"Assemblyman David Chiu (D-San Francisco) introduced a bill Friday to end a tax break that allows homeowners to deduct the interest from the mortgage on their second home from their state taxes," adds Dillon. The tax break amounted to $300 million in lost revenue for the state, with 31,000 residents benefitting from the break. "The bill, AB 71, would direct those funds to an existing program that finances low-income housing construction through tax credits."
The article includes statements from Assemblymember Chiu, who argues for the benefits of AB 71 to the larger portion of the population in need of housing. Dillon also details the other bills already moving through the legislature that have similar goals for easing the state's housing crunch. AB 71 is unique among the many housing bills, writes Dillon, because it strips away an existing benefit from homeowners.
FULL STORY: Tax breaks for second homes could end under lawmaker's proposal to fund low-income housing
Are We in a Housing Bubble?
As the pandemic shifts housing priorities and costs continue to soar, experts assess the potential for a crash similar to 2008's Great Recession.
Austin’s Building Boom Not Reaching Lowest-Income Families
Despite having the highest rate of affordable housing construction in the nation, Austin is still underproducing housing for the neediest households.
‘Minnesota Nice’ Isn’t so Nice When You Can’t Find a Place to Live
The Economic Development and Housing Challenge Program can help address the scourge of homelessness among Indigenous people.
Rethinking Redlining
For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California High-Speed Rail's Plan to Right Itself
The railroad's new CEO thinks he can get the project back on track. The stars will need to align this summer.
Washington Passes First US ‘Shared Streets’ Law
Cities will be allowed to lower speed limits to 10 miles per hour and prioritize pedestrians on certain streets.
Montreal Mall to Become 6,000 Housing Units
Place Versailles will be transformed into a mixed-use complex over the next 25 years.
USDOT Could Pull Federal Funding for New York
The federal government gave the state until May 21 to end new York City’s congestion pricing program or risk losing federal funding and project approvals.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions