#ab698 — Public Fediverse posts

I didn't realize Chicago also attempted a real estate transfer tax to fund affordable housing (discussed at 1:06:02, it was a referendum that was defeated by the real estate industry in March 2024).

LA passed such a thing, and the real estate industry is now attempting to gut it with a state bill #SB423 (another, #AB698, would make it harder to pass such taxes in future).

Unfortunately the opposite is happening and some "YIMBY" groups in California have hypocritically endorsed Buffy Wicks' NIMBY bill #AB698 that would destroy a proven source of funding for affordable housing across the state, raising over $300m a year to build homes in LA alone.

https://leginfo.legislature.ca.gov/faces/billVotesClient.xhtml?bill_id=202520260AB698

Related: shamefully, hypocritically, some "YIMBY" groups in California have endorsed Wicks' #AB698, a NIMBY bill to destroy a proven source of affordable housing funds, raising over $300m a year to build homes in LA alone.

RE: https://bsky.app/profile/did:plc:ypaxc37i3cgxdhkrl3oydlie/post/3lomkoagr3c2s

If passed, Wicks' #AB698 is likely the first step to a future bill gutting existing measures like ULA as well, or it could even be amended to do that now. California should be making up for DOGE cuts to affordable housing with new state funding, not piling on by blocking local funding too.

Here's the bill, #AB698. It has some bullcrap about taxes on sales of already-built buildings somehow blocking development. Current language makes cities write reports on that, a gift to landlord anti-tax campaigns which would make ULA harder to replicate. ULA has raised $630m for housing in 2 years

leginfo.legislature.ca.gov/faces/billText...