A bill to bolster high-rise housing development in California’s largest downtown areas has passed the Assembly’s Local Government and Natural Resources committees, according to California YIMBY, the bill’s sponsor. Titled the Downtown Revitalization Act and introduced by Assemblymember Matt Haney, the measure now goes to the Assembly Appropriations Committee.
AB 2074 would require California’s seven largest transit-rich cities — Los Angeles, San Diego, San Jose, San Francisco, Sacramento, Oakland and Long Beach — to designate regional transit districts. New standards would apply across these districts: a 150-foot height baseline, with at least 25% of each district allowing 450 feet or more.
The bill would also create a state-backed loan fund, administered by the California Housing Finance Agency, offering low-interest loans to projects meeting labor and affordability standards to help reduce construction costs. The revolving fund will be paid back upon project completion.
“I’ve spoken to city leaders across California, and the message is clear: our downtowns are still struggling and need to be brought back to life,” said Haney. “AB 2074 makes that happen by building dense housing where it’s needed most while creating good-paying jobs.”
The post Assembly Bill Would Add More High-Rise Housing in California’s Largest Downtowns appeared first on Connect CRE.