US Supreme Court Leaves San Jose Housing Law in Place

Last year, I mentioned a case about San Jose's new law requiring cities to build affordable housing.
http://cheunghomes.blogspot.com/2015/06/court-california-cities-can-require.html

The US Supreme court upheld the CA Supreme Court's decision that the law was lawful. San Jose's law would require developers to offer 15% of units in new projects of 20 or more units at below-market rates. Developers could opt out of building affordable units by paying a fee, which the housing industry estimates could run about $122,000 per house.

More info here--

Comments

Post a Comment

Popular posts from this blog

Historical Average and Median Prices for Detached Homes in Fremont

Image
A request from a client to run a historical chart of the average and median prices for detached homes in Fremont last year has opened a lot of conversations.  This is the first time since BayEast MLS started recording sales data in 1997 that Fremont's average detached home (aka: single family homes) sale has officially reached the $1M mark.  As always, I don't have a crystal ball, I'm not a lawyer or accountant, so I can't interpret this chart for you.  This chart has NOT been adjusted for inflation, this is just the raw sales average and median prices.
Read more

Possible Rent Control in Fremont

During the Fremont City Council meeting on Tuesday, Oct 13, Council member Vinnie Bacon asked Fremont staff to research options for implementation of rent control and just-cause eviction. After hearing testimony from both supporters and those urging the Council to consider other alternatives (including Bay East staff), the City Council directed City staff to look into rent control and just-cause eviction, and other voluntary options for landlords and tenants to resolve rent increase disputes. The Council did ask staff to consult with stakeholders including REALTORS® and property mangers as part of their research. Staff will be conducting stakeholder meetings in the next few weeks.
Read more

Flex Modification Program to replace the Home Affordable Modification Program (HAMP)

Image
Federal Housing Finance Agency (FHFA) announced the development and implementation of Fannie Mae and Freddie Mac’s new Flex Modification program which will replace the Enterprises’ current Home Affordable Modification Program (HAMP®) which expires at the end of the year.  The program incorporates elements of a joint white paper developed by the U.S. Department of the Treasury in conjunction with the U.S. Department of Housing and Urban Development (HUD) and FHFA titled Guiding Principles for the Future of Loss Mitigation. Terms of the program included a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations. More info here-- https://www.nar.realtor/articles/gse-announce-new-modification-program
Read more