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Red Alert! Help C.A.R. STOP SB 679 (Kamlager)
Creates Agency with Broad Authority to Raise Taxes on Housing

C.A.R OPPOSES SB 679 (Kamlager) which creates an affordable housing finance agency in Los Angeles County. C.A.R. OPPOSES this bill because it grants vast, tax and bonding authority to a completely unnecessary appointed board that requires homeowners to subsidize corporate for-profit and government subsidized affordable housing development.

Take Action! Contact Your State Legislators TODAY to Oppose SB 679!

Background

SB 679 creates a finance agency to fund the construction of subsidized housing developments. The agency can also purchase existing residential properties, including single family homes further contributing to the shortage of homeownership opportunities.

SB 679 grants an unchecked tax and bond authority to a 21 member “governing board” that could authorize local ballot initiatives to impose: a parcel tax, gross receipt tax, documentary transfer tax or authorize the issuance of bonds. Any of those taxes or costs on their own would create new burdens for homeowners struggling in a tough economic environment. Furthermore, the bill has no cap on the maximum amount homeowners can be taxed and these taxes could be layered on top of each other.

SB 679 is completely unnecessary and duplicative. There is no need for a costly new bureaucracy to do things that can already be undertaken by Los Angeles County in conjunction with its cities.

Take Action! Contact Your State Legislators TODAY to Oppose SB 679!



Why C.A.R. is OPPOSING SB 679:

  • The cost of funding affordable subsidized housing projects should be borne by ALL residents, not just those who own property. It is agreed that creating more affordable housing benefits the entire community. If that’s the case, the entire community should pay for it.

  • Encourages the removal of natural homeownership opportunities. These agencies will provide funding to corporate owners seeking to purchase single family market rate homes which will decrease the opportunities for ownership by working Californians.

  • Agencies are not required to construct new housing. Agencies funds developer purchase offers, competing with our states working families seeking to achieve the dream of home ownership.

  • They will make homeownership less affordable. These new taxes and bond costs on homeowners will impact both those seeking to purchase a home and those who have already struggled and stretched to afford the home they have already purchased. Increasing their taxes will undermine working families’ ability to create wealth.

  • It is unnecessary. Los Angeles County along with one or any combination of its 88 cities could undertake the goals of this agency now. They could even form joint powers authorities. There is no need to tax and spend for a whole new duplicative and unnecessary agency.

 

For More Information
For additional information contact C.A.R. at [email protected].


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