California proposes subsidy to cover almost half the cost of first-time buyer’s homes

Lawmakers in California have come up with a dramatic new proposal that, if it comes into being, would offer hope to first time buyers that are struggling to find a home to buy in the state. California Senate Democrats have included a new program in a budget proposal unveiled last week that would massively subsidize

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COVID-19 AND THE STATE OF THE CALIFORNIA REAL ESTATE MARKET

You have heard the mantra a hundred times before: As California goes, so goes the nation. The mantra covers everything from groundbreaking environmental protection statutes to cutting edge new music emanating from Southern California. The mantra is not good news for the rest of the country, as Californians are working hard to climb out one

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Wildfires cause slowdown in California home sales

Wildfire-prone areas in California are seeing home sales slow as insurers retreat from high-risk regions, The Wall Street Journal reported. Insurers paid more than $24 billion for California wildfire losses in 2017 and 2018. Now, they’re looking to cover their losses and are reportedly raising prices or declining to renew policies in some parts of

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California’s solar power requirement for new homes comes into effect

California now requires all newly constructed homes and low-rise apartment buildings to be equipped with rooftop solar panels, following a new law that came into effect January 1. It’s the first state in the U.S. to introduce such a regulation, the San Francisco Chronicle reported. Under the new law, homes are also required to have

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California looks to convert empty garages into living spaces

A number of U.S. states are considering easing zoning requirements to allow for more accessory dwelling units to be built as a way of relieving chronic housing shortages, the New York Times reported. California, which faces a massive housing shortage, is actively pursuing the idea of freeing up more space for so-called ADUs, otherwise known

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California Governor signs rent control bill into law

California Governor Gavin Newsom last week signed into law new legislation that will place caps on rents throughout the state. The move that was warmly welcomed by tenant groups but others in the real estate industry say it could have negative long-term consequences. Under the new law, which takes effect in January, landlords will be

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California realtors oppose new rent control measures

Californian lawmakers last Wednesday approved a bill that, if it comes into effect, would lead to rents being capped throughout the state. The move has since drawn widespread criticism from real estate industry professionals who worry it could have a negative impact on renters in the long term. The New York Times reports that many

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California threatens to fine cities that don’t build enough homes

The state of California is trying to address housing shortages with a new bill that gives it the power to fine cities that don’t build enough new homes. Cities in the state could face fines of up to $600,000 per month if they don’t meet building targets, lawmakers said. Under the bill, courts will be

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California sues Huntington Beach over failure to build affordable housing

The state of California is suing the city of Huntington Beach for not building enough affordable homes for its residents.

Hundreds of homes destroyed in worst-ever California wildfires

Some 42 people are confirmed killed, with more than 200 missing as three wildfires swept through California this week, razing hundreds of homes to the ground. The death toll is said to be a grim new record in the Golden State, beating the 31 victims who died during the 1933 Griffith Park disaster in Los

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