Home builders in California face a barrage of financial challenges, from exorbitant local impact fees to high interest rates and rising labor and materials costs. Local impact fees alone can reach $150,000 per home or higher. In many cases, the uncertainty around construction costs is enough to severely delay or even cancel much-needed housing projects.
SB 937 will ensure cities can continue to make progress towards their housing goals in the face of recent cost increases. SB 937 allows home builders to delay the payment of local development and impact fees until a certificate of occupancy is issued for their project, which will lower financing costs and allow more projects to pencil.
SB 937 will also provide developers struggling to pay increasing construction costs more time to gather funds and wait for inflation rates to go down by extending the expiration date for entitlements issued prior to Jan. 1, 2024 and set to expire on or before Dec. 31, 2025 by 18 months.
We need your help to ensure SB 937 passes out of the Senate Appropriations Committee. For decades, California has failed to build enough housing in existing communities, near jobs, transit, and schools; most homes have instead been built in more remote areas, forcing workers into long car commutes to find housing they can afford—increasing the pollution that is contributing to the climate crisis.
Act now to show our legislators that Californians want to make it easier to build affordable and mixed-income housing in existing communities.
Contact your State Senator now and urge them to vote for SB 937!
PAID FOR BY CALIFORNIA YIMBY