Happy New Year!

"Celebrate what you want to see more of." - Tom Peters

The Inland SoCal Housing Collective is excited to celebrate local housing initiatives, tools, policies, collaborations, and projects in the IE, as we set our goals high for 2023 to create safe, decent and affordable housing in San Bernardino and Riverside counties. Join the collective every third Wednesday of the month from 1-2:30pm on zoom, to stay up-to-date on the housing work in the region, resources, collaborations, and opportunities.

You can register monthly for the meetings on our website or monthly newsletter. The collective will no longer send out a calendar invite for the year. You can register for the month and series which will give you access to the monthly collective meetings for the 2023 year.

Wednesday, January 18th, 2023

1-2:30 PM

You MUST register. Please use this link.

Agenda

Special presentation: Proposed 2023 CA State Budget

Special presentation: CA Housing Initiative 2024, Matt Huerta

A presentation about how we can lower the voter threshold for local affordable housing bond measures to a simple majority through a State Constitutional Amendment and expand the allowable uses for bonds so they can be tailored to local needs, particularly for homeless individuals and families. 

Questions? Email melanie@ischcollective.org

Announcements

Are you interested in serving on a collective pillar and help lead regional housing strategies?

News & Articles

Reflections on Proposed Budget

First Look: Understanding the Governor’s Proposed 2023-24 State Budget

Housing CA releases statement regarding Proposed 2023 CA State Budget

Millions of ‘unbanked’ Americans lack adequate access to financial services

Congressman Ro Khanna Introduces Bill on Corporate Landlords

Jacqueline Woo, Senior Associate

Congressman Ro Khanna (District 17, Santa Clara) recently introduced the Stop Wall Street Landlords Act of 2022 to place restrictions on corporate landlords that are profiting from the purchase of single-family homes. These new restrictions would apply to large institutional investors that have at least $100 million in assets during a calendar year.

The bill responds to findings from a House Subcommittee, which released a report following a year-long investigation into corporate landlords and a rise in evictions during the pandemic. Specifically, the bill would:

• Prevent investors from claiming tax breaks, including mortgage interest deductions and depreciation
• Limit investors access to financing by preventing Freddie Mac, Fannie Mae, and Ginnie Mae from buying and securitizing mortgages taken out by investors
• Impose a new transfer tax on institutional investor acquisitions of single-family homes

According to the bill’s sponsors, investors purchased more than 25% of the nation’s homes last year, reducing opportunities for families to access homeownership and artificially driving up home prices in low-income neighborhoods.

New Bill Targets Investors Buying Up Housing

Natalie Donlin-Zappella, Principal

On November 30th, Senator Jeff Merkley (Oregon) introduced a bill—End Hedge Fund Control of American Homes Act—that seeks to ban hedge fund and private equity firms’ ownership of affordable housing. In announcing the bill, the Senator raised concerns about the impact Wall Street is having on housing affordability for renters and potential homeowners throughout the nation.

According to the Senator:

• In 2021, large hedge fund investors bought nearly 43% of the homes available for sale in the Atlanta metro area and nearly 40% of the homes in the Phoenix area.
• These investors targeted homes in areas with significantly larger populations of Black families and single mothers.
• A study of foreclosed homes in Atlanta found that investors were 68% more likely to file for evictions than small landlords.

The bill would limit investors from owning large numbers of homes by establishing a new $20,000 federal tax penalty for every single-family home owned in excess of 100, with the revenues collected providing first time homebuyer down payments. Investors would be required to sell the homes they have acquired over a period of time and are banned from selling to another corporation or investor. The law specifically exempts nonprofit organizations, public housing authorities, local governments, and home builders.

Report: California Could Solve Homelessness For $8 Billion Per Year

By David Wagner

Published Dec 20, 2022 5:00 AM

How much would it take for California to solve homelessness once and for all? A new report offers an answer: about $8.1 billion more per year over the next 12 years. That money would go toward creating nearly 240,000 new homes as well as ongoing housing subsidies, homeless services, and temporary housing.

kpbs

San Diego named 'prohousing' city by state, will earn rewards, funding

By City News Service

Published December 16, 2022 at 8:25 AM PST

The city of San Diego was one of six cities in California to earn the state's Prohousing Designation, a recognition for committing to policies and practices that will help remove barriers to housing production.

On Thursday, San Diego — along with Citrus Heights, Fontana, Oakland, Roseville and West Sacramento — joined Sacramento in the designation. The California Department of Housing and Community Development also announced the launch of the Prohousing Incentive Pilot Program to reward Prohousing cities.

The Inland SoCal Housing Collective Educate and Advocate Series highlights policy and informational workshops of collective partners who are pursuing solutions for our region for better housing outcomes. Check out the workshop spotlights below!

Housing Working Group

Tuesday, Jan. 17

10 a.m. – Noon

POLICY BRIEF '22

DECEMBER 2022

Who Can Afford to Rent in California’s Many Regions?

Introduction: The California Housing Partnership has regularly documented the severity of the ongoing housing affordability crisis that affects every county in the state.1 The COVID pandemic exacerbated a housing crisis many California residents have been struggling with for years and has disproportionately pushed renter households of color – particularly Black and Latinx households – into increased housing insecurity in our state.

NEW- Inclusionary Housing Database Map

Career Opportunities

Do you have openings at your place of work? Send us the job description or link to apply and we can share it within our network.