California REALTORS® Bring Homeownership For All Message to Sacramento as Gov. Gavin Newsom Addresses In-Person Legislative Day 2022
SACRAMENTO (April 26) – As 2,000 REALTORS® come to Sacramento and the State Capitol for the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Legislative Day 2022, political momentum is growing for a legislative agenda that supports homeownership opportunities for working Californians and in particular communities of color who have been historically discriminated against in the housing market. Gov. Gavin Newsom is scheduled to address the REALTORS® on Wednesday, April 27, at C.A.R.’s first in-person Sacramento advocacy event since 2019.
“California REALTORS® from across the state are coming to Sacramento to urge Gov. Gavin Newsom and legislators to support policies that will give working Californians the financial security and housing stability that only comes from owning a home,” said C.A.R. President Otto Catrina. “At a time when the cost of housing is beyond reach for most Californians, the state budget surplus gives our state’s elected leaders a once in a lifetime opportunity to make homeownership more accessible. We ask that the governor and state legislature increase funding for ownership housing and down payment programs, and our delegation of 2,000 REALTORS® is eager to work with state government to make it happen.”
In February, a coalition of REALTORS®, homebuilders and affordable housing producers sent a letter to Legislative Budget Committee leaders to draw public attention to housing policies that are perpetuating and compounding California’s housing crisis by directing only a very small percentage of State housing construction funding to owner-occupied homes. In the proposed State Budget for 2022-23, only $69.56 million is allocated for homeownership programs, which is not even 3.5% of the funds allocated for deed-restricted rental housing programs.
As REALTORS® prepare to engage with their state representatives, support for this homeownership-focused budget request is gaining steam. Assembly member Tim Grayson and 27 additional assembly members — both Democrat and Republican — are calling for $600 million to support homeownership in the 2022-23 state budget, including $400 million for the development of deed-restricted ownership housing and $200 million for the state’s existing down payment assistance programs. The need for such programs is clear. With the median home price in California expected to surpass $830,000 in 2022, California’s overall homeownership rate has declined to just 55%. Among the state’s largest ethnic group, Latinos, it’s 44% and only 37% of Black families own their home.
“Homeownership remains the best way for working people to attain economic security and develop wealth,” said Otto Catrina. “You can't say you want to address income inequality and close the wealth gap for communities of color without supporting greater access to ownership housing.”
About the California Association of REALTORS®
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.