The California Association of REALTORS® OPPOSES Senate Bill 1105 (Hueso) and Senate Bill 679 (Kamlager) each of which creates an unelected agency with the power to impose a range of new property taxes.
SB 1105 grants vast, unchecked, taxing and bonding authority to an unelected Housing Agency Board in San Diego which would consist of 6 appointed representatives, serving 4-year terms that can by resolution, or initiative, impose:
- Special Taxes on Real Property,
- A Parcel Tax,
- A Gross Receipts Business License Tax,
- A Special Business Tax,
- A Documentary Transfer Tax,
- A Special Land Value Windfall Tax, Or
- A Commercial Linkage Fee.
The proposed Agency requires revenues generated to assist in the construction of housing broadly defined. Revenue could go to large developers of rental homes and no restrictions on the agency purchasing single-family homes which could then further limit the opportunities for home ownership.
Similar to SB 1105, SB 679 would establish a local Housing Agency in LA with a 19 member “governing board” to raise revenues through:
- A Parcel Tax
- Gross Receipts Business License Tax
- A Document Transfer Tax, or
- The Issuance of Bonds to Fund Affordable Housing Preservation (acquiring, Rehabilitating, Deed Restricting, Etc.).
Here’s how you can help!
Ask your clients, friends, and family to TAKE ACTION!
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We are stronger together and your voice will help us defeat SB 1105 and SB 679.
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REALTOR® Party of California