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.
NYC Council Approves Brooklyn Rezoning Plan
The Atlantic Avenue Mixed Use Plan includes infrastructure investments and could bring 4,600 new housing units to parts of Brooklyn.
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.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
DARTSpace Platform Streamlines Dallas TOD Application Process
The Dallas transit agency hopes a shorter permitting timeline will boost transit-oriented development around rail stations.
San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning
SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.
Car-Centric LA Suburb Looks to a Train-Oriented Future
City leaders in Rancho Cucamonga, the future western terminus of the Brightline West rail line to Las Vegas, want to reimagine the city as a transit-oriented, pedestrian-friendly community.
New Alaska Bitcoin Mine Would Burn as Much Energy as the State’s Largest Coal Plant
Fueled by “stranded” natural gas, the startup hopes to become the largest in the US, and to make Alaska an industry center.
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.
Municipality of Princeton
Roanoke Valley-Alleghany Regional Commission
City of Mt Shasta
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)