News
San Diego homebuilding at a 15-year high
The San Diego Union-Tribune – March 9
San Diego County built more than 10,000 homes in 2021, something that hasn’t happened in 15 years. There were 10,188 building permits pulled last year, up 7 percent from 2020, according to data released last Wednesday by the Real Estate Research Council of Southern California. Construction was primarily led by new apartments, spurred on by the biggest rent increases in at least 20 years.
Workforce housing program behind top L.A. multifamily deals last year, shelling out $1B
Bisnow – March 11
A municipal bond program that acquires apartments and converts them into moderate-income housing was responsible for the bulk of multifamily investment activity in Los Angeles in 2021, according to Real Capital Analytics. Buyers using these programs were behind four of the top five deals in the L.A. area last year, shelling out more than $1 billion to buy a total of 1,821 units. These bond-funded moderate-income housing programs pair private owners with joint powers authorities like California Community Housing Agency and the California Statewide Community Development Authority to use tax-free municipal bonds to fund acquisitions and convert them into housing for middle-income individuals typically making between 80% and 120% of the area median income.
New short-term rental regulations could cut rentals in San Diego by nearly half
NBC7 San Diego – March 9
The seven-year battle over regulating short-term vacation rentals in San Diego is finally over after the California Coastal Commission voted unanimously last Wednesday to approve the city’s new rules. The regulations are expected to cut the number of short-term rentals across the city by 48%, and 27% in Mission Beach alone. The new regulations are expected to take effect in October. The California Coastal Commission will review their impact in seven years.
State awards $84M for L.A. County affordable housing developments
Urbanize LA – March 11
Last Friday, the California Department of Housing and Community Development announced $220 million in funding for the construction and preservation of subsidized affordable housing statewide. And unlike a recent round of awards through the California Housing Accelerator, this time Los Angeles County is poised for the lion's share of the money. Seven Los Angeles County developments have secured a combined total of roughly $84.1 million in the current round of funding - the fourth since the measure was passed four years ago.
Pleasanton: Court rejects citizen group's appeal in lawsuit over proposed Costco store
Pleasanton Weekly – March 10
A state appellate court panel has denied a citizen group's challenge of the public approval process for a proposed Costco store and overarching Johnson Drive Economic Development Zone in Pleasanton, siding with the city over the adequacy of the environmental review completed for the project. Pleasanton Citizens for Responsible Growth had appealed an Alameda County judge's November 2020 decision to reject the group's lawsuit over whether air quality and traffic impacts were appropriately analyzed as required by the California Environmental Quality Act.
New gas station bans working their way through Sonoma County communities
The Press Democrat – March 11
New ordinances are making their way through local governments around Sonoma County that would prohibit permit applications for new petroleum fueling stations or expansions. The Rohnert Park City Council took the first vote on its new ordinance last Tuesday and is expected to adopt a citywide ban on new gas pumps on March 22. The Sebastopol council will take up the matter April 5, when it considers a draft ordinance already approved by the planning commission. And Santa Rosa City Council’s climate action subcommittee has sent a recommended ban to its planning commission which, if approved there, would move onto the City Council later this year.
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