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