The California REALTORS® are bringing their message of homeownership for all to Sacramento as Gov. Gavin Newsom addresses the In-Person Legislative Day 2022 in person.
APRIL 26 (SACRAMENTO) - With 2,000 REALTORS® expected to attend the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Legislative Day in Sacramento in 2022, political momentum is growing for legislation that works to support homeownership opportunities for working Californians, particularly communities of color who have historically been disadvantaged. The Sacramento REALTORS® association's first in-person advocacy event since 2019 is scheduled to feature Gov. Gavin Newsom on Wednesday, April 27.
"In Sacramento, REALTORS® are urging Gov. Gavin Newsom to encourage the construction of affordable housing and legislators to support policies that would ensure working Californians are able to afford homes and enjoy the stability that comes with homeownership," said C.A.R. President Otto Catrina. In these tough economic times, California's legislative leaders have the opportunity to make homeownership more accessible by taking advantage of state budget surpluses. We urge the state legislature and governor to increase funding for ownership housing and down payment programs. Our delegation of 2,000 REALTORS® is eager to work with the state government in this regard.”
An advocacy coalition of REALTORS®, homebuilders, and affordable housing producers sent Legislative Budget Committee leaders a letter in February to call attention to housing policies that perpetuate and compound California's housing crisis by directing so little construction funding to owner-occupied homes. Only $69.56 million is allocated for homeownership programs in the state budget for 2022-23, which is less than 3.5% of the money allocated for deed-restricted rental housing.
Support for this homeownership-focused budget request is gaining momentum as REALTORS® prepare to engage with their state representatives. In the 2022-23 state budget, Assemblymember Tim Grayson and 27 other assemblymembers - both Democrats and Republicans - seek $600 million to support homeownership, including $400 million for the construction of deed-restricted homes and $200 million for current down payment assistance programs. This type of program is clearly needed. Despite growing home prices, California's homeownership rate has declined to just 55%, and the median home price is expected to reach $830,000 in 2022. In the Latino community, the biggest ethnic group in the state, the rate is 44%, while in the Black community, the rate is only 37%.
Developing wealth and achieving economic security is best achieved through home ownership, according to Otto Catrina. Providing greater ownership housing access to communities of color is an essential component of addressing income inequality and closing the wealth gap.
As one of the largest state trade organizations in the United States, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is dedicated to advancing professionalism in real estate. Located in Los Angeles, the company is headquartered.
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