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The California Housing Consortium (CHC) applauds the Assembly Tax and Revenue Committee's approval today of AB71 (Chiu) by a vote of 7-2 along party lines.
AB 71, the Bring California Home Act, is a critical investment in easing the state's housing affordability crisis that is hammering every community across the state. S
ponsored by CHC, AB 71 (Chiu) would end a costly vacation home tax subsidy to provide affordable homes while protecting the mortgage interest deduction that is crucial for families to afford their first homes. This approach would generate thousands of new affordable homes without a General Fund cost, and would stimulate additional job creation through federal, local and private investment
CHC Executive Director Ray Pearl issued the following the statement after the vote, "Decisions at the state and local levels have worsened the affordability crisis Californians face today and saddled our state with the worst poverty rating in the nation. With their votes, members of the Assembly Tax and Revenue Committee took bold action to say backwards housing policies must be fixed now, and it is unjustifiable to give a $300 million per year tax break for second, vacation homes when families with children, college students, veterans and elderly Californians lack a single roof over their heads. L
egislative action is especially crucial coming off the heels of Governor Brown releasing his revised state budget last week that did not include any new investment in affordable housing."
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