New California State Bill 25 to Support Opportunity Zones
Summary: SB 25 creates an incentive for Opportunity Zone developments and publicly funded housing developments to meet LEED Gold, zero net energy, zero net GHG, and transit oriented objectives, so that the state can reach its goal of 3.5 million new housing units by 2025. SB 25 is a district bill, limited to the counties that comprise Senate District 12.
Background: The news is not fake. Media accounts of California’s housing and homeless crisis rely on undisputed facts. The state lacks millions of housing units, and leads the nation in the size of its homeless population. The housing crisis includes a dire lack of affordable housing, as well as insufficient market rate housing that is affordable. California’s home ownership rate is the lowest in the state’s history, eliminating a pathway for asset development, wealth creation for retirement funding, and fiscal security for thousands of its residents.
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