Before we dive in, please be sure to subscribe to the blog page. Also as a reminder, we just launched and created a Facebook page : https://www.facebook.com/CaliforniaSB9
Please like, share, and follow.
How SB 9 Can Help Solve the Housing Crisis and Create Opportunities for first-time Real Estate Investors
California is facing a housing crisis, with skyrocketing prices and a severe shortage of affordable housing. In response to this crisis, the California Senate has passed Senate Bill 9, which could be a game-changer for the real estate market in California. SB 9 allows for the development of two units on most single-family lots, essentially allowing for the creation of up to 4 housing units, (two duplexes) without having to acquire new land.
Here’s what you need to know about SB 9 and how it can benefit you as a real estate investor:
- Increased Development Opportunities
SB 9 allows property owners to split their lots into two parcels, allowing for the construction of two separate units. This means that investors can now develop two units on a single-family lot, creating more opportunities for development and profit.
- Greater Flexibility for Homeowners
SB 9 also provides greater flexibility for homeowners who are looking to build additional units on their property. Homeowners can now bypass many of the traditional zoning and permit requirements that were previously required, making the process of building additional units much simpler.
- Addressing the Housing Crisis
One of the main goals of SB 9 is to address the housing crisis in California. By allowing for the development of two units on a single-family lot, SB 9 creates more opportunities for affordable housing and helps to alleviate the housing shortage.
- Potential for Increased Property Values
Finally, SB 9 could potentially increase property values by creating more opportunities for development and making it easier for homeowners to build additional units on their property. This could lead to an overall increase in the value of properties throughout California.
Overall, SB 9 is a promising development for the real estate market in California. By providing increased development opportunities, greater flexibility for homeowners, and addressing the housing crisis, SB 9 could be a game-changer for the real estate industry. As a real estate investor, it’s important to stay informed about developments like these and to be ready to take advantage of new opportunities as they arise.
Here is a video from: https://focus.senate.ca.gov/sb9
Remember there is a second part of this series, where we will explore California Senate Bill 10 and its potential impact on the real estate market.