What’s true in residential real estate is also true on the commercial side: “If real estate is your profession then politics is your business.” In other words, our legislators and elected leaders at all levels – local, state and federal – are enacting laws, ordinances and regulations that have a direct impact on your real estate business.
This was an important reminder discussed at GAOR’s Commercial Real Estate Forum which took place on October night. A standing room only crowd of real estate professionals listened to GAOR’s Government Affairs Director Greg Astorian go over the latest updates, new laws, and important things to know in commercial real estate and multifamily housing.
A number of new last passed in Sacramento this week are among the highlights. These new laws include:
- SB 33, Commercial Finance Disclosure
- AB 225, Environmental Hazard Booklet Updated
- AB 1280, regarding fire hazard defensible space and fire hardening disclosures
Other bills of interest include AB 968 under which house flippers must disclose recent repairs and renovations. This applies to residential properties of one to four units. The full report of new laws for 2024 is available here.
One of the great concerns in real estate is the continuous lack of inventory for all categories of housing including multifamily units. Among many efforts to resolve this issue is an interesting bill, SB 4 – “Yes in God’s Backyard” which makes it easier for churches and independent higher education institutions to develop housing on their properties by, among other things, simplifying the approval process and reducing administrative hurdles.
On these and other issues you are urged to contact your broker or attorney if you feel that they may impact your current or upcoming transactions.
GAOR’s Commercial Real Estate Forum was launch in 2022 and has proven to be a well-attended event each month. Led by GAOR member Arthur Mangassarian, it provides updates and education for GAOR members on topics of interest to commercial and multifamily real estate practices. If you have suggestion or speaker request please contact GAOR. Check GAOR’s web calendar for the next meeting of the Commercial Real Estate Forum that you don’t want to miss!
