Has anyone heard of CA SB 1210 or SB1212? It has been recently introduced and is supposed to put a cap on the cost to install utility hook ups for new construction and ban hedge funds and corporate entities from buying single family homes in California):
SB 1210
"This bill would, for new housing construction, prohibit a connection, capacity, or other point of connection charge from a public utility, as defined, or a special district, as defined, for electrical, gas, sewer, or water service from exceeding 1% of the reported building permit value of that housing unit. The bill would require a public utility or special district to issue an above-described charge over a period of at least 10 years commencing on the date when the housing unit is first occupied, as specified. The bill would require a public utility to publicly report on its internet website the amount of any charge issued each year pursuant the above-described provision by the housing unit’s address. The bill would also require a public utility to prioritize the processing, approval, scheduling, and completion of electrical, gas, sewer, and water service connections to new housing construction over the processing, approval, scheduling, and completion of service connections to all other structures. To the extent that this bill imposes new requirements on certain special districts, the bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above."
SB1212
This bill, on and after January 1, 2025, would prohibit an investment entity, as defined, from purchasing, acquiring, or leasing an interest, as defined, in a single-family dwelling or other dwelling that consists of one or 2 residential units within this state. The bill would provide that a purchase, acquisition, or lease of an interest in housing in violation of this prohibition is void. The bill would define “investment entity” as a real estate investment trust or an entity that manages funds pooled from investors and owes a fiduciary duty to those investors. The bill would exempt nonprofit organizations and other entities primarily engaged in the construction or rehabilitation of housing from the definition of “investment entity.”
I'm curious on what everyone's thoughts are on this. There is also a 3rd bill, SB 1211, that is supposed to allow more ADU builds on multifamily homes.
