What is Santa Cruz City government doing about the housing crisis? City Council is focused on the issue and has created a Housing Blueprint Subcommittee to gather community input and make suggestions. The result of this process is the Santa Cruz City Housing Blueprint. In the blueprint, subcommittee members outline “first priorities” which have been selected after considering both City Council recommendations and community feedback. They are: Community Engagement Legalization of Unpermitted Dwelling Units
Before Prop 13, there were no limits on increases for the property-tax rate. Some properties were reassessed 50% to 100% in just one year and their owners’ property tax bills increased accordingly. Under Proposition 13 tax reform, property tax value was rolled back and frozen at the 1976 assessed value level. Property tax increases on any given property were limited to no more than 2% per year as long as the property was not
The Costa Hawkins Act (Costa-Hawkins) allows cities to implement local rent control laws, but within specific parameters: housing constructed after 1995, single-family homes, condominiums, and townhouses are exempt from local rent control regulations. Additionally, Costa-Hawkins allows rental property owners to establish their own rates at the time of a change in tenancy. A proposed ballot initiative entitled the “Affordable Housing Act for the California November 2018 Ballot” was submitted to the California Attorney General’s
If you’ve been reading our newsletter, you’ve undoubtedly heard about the rent control and just cause for eviction ballot initiative (Renter Protection Ballot Initiative) which has been circulating through the city. The Movement for Housing Justice has submitted 10,791 signatures to the City of Santa Cruz, well above the required number of signatures needed qualify the initiative for the November polls. The group is now awaiting the results of a 30 day signature validation process.
On Tuesday, February 13th, the Santa Cruz City Council passed temporary rent freeze and a just cause for eviction ordinances for certain rental properties within the city limits (see exceptions below). This sudden action was in response to community-member complaints that, given the impending threat of a rent-control moratorium on the November ballot, landlords have an incentive to raise rents and evict tenants to guard against losses should new laws come into effect. The following
The Tax Cuts and Jobs Act has been signed into law. There were some big "wins" in the final bill from the perspective of homebuyers, owners, and real estate investors. However, the bill removes important incentives for homeownership and may have an adverse impact in some markets. According to the National Association of Realtors, home prices will grow at a slower pace of 1-3% nationally. Unfortunately, some local markets in high cost, higher tax areas
On Thursday, November 9th, Republicans in the Senate Finance Committee released an outline of their version of the "Tax Cuts and Jobs Act". Just one week earlier, the Republicans' congressional House Ways and Means Committee released the original version. Both pose a threat to homeownership as we know it today. Here is a short summary of how both may affect your real estate. Mortgage Interest Deduction The house bill will keep the mortgage