2020 Laws: The Housing Crisis Act of 2019 (SB 330)
A lesser-known consequence of California’s housing crisis is the estimated loss of $140 billion each year in potential earnings, in part due to a workforce shortage across various sectors. Last month, Gov. Gavin Newsom passed Senate Bill 330 (also known as the Housing Crisis Act of 2019) which aims to reverse that trend by loosening restrictions on housing developments and tackling areas with the highest rate of displacement due to the lack of affordable housing.
In a recent article, CGS3 partner Joe von Meier delves into how SB 330 – which will come into effect on January 1, 2020 – could impact cities, developers and everyday Californians as the state’s housing crisis continues.