Today, California Governor Gavin Newsom announced the awarding of over $825. million in state funds to help build affordable housing through an expedited approval process. This investment is part of a larger effort by the state government to ensure everyone has access to safe and secure housing, regardless of their socioeconomic status. The money will go towards eliminating existing barriers that delay or block the construction of new housing developments; including streamlining zoning regulations and modifying excessively stringent building codes. In addition, local governments have been given the flexibility to adopt incentives for developers who create affordable units in certain areas. This is a major step forward in tackling California’s dearth of available and affordable housing. According to a recent survey conducted by UC Berkeley researchers, almost half of all Californians reported spending more than 30. percent of their income on rent or mortgage payments – a staggering statistic considering it is widely accepted that households should devote no more than a third of their income to this necessity. Governor Newsom’s announcement offers much-needed hope to millions of residents burdened by the high cost of living in California. He promises this influx of capital “will not only make progress toward our goals of ending homelessness and alleviating poverty but also stimulate economic growth across the state, creating jobs and raising wages for hardworking families.” As his office put it, these funds represent “a genuine commitment from state leaders to help working families achieve stable housing security and upward mobility.”
