The State of California Is Requiring Cities to Approve New Housing Projects

 

The Voice of San Diego reports on what the State of California is doing to make sure that smaller cities approve local housing projects in order to expand the housing stock and address the housing crisis:  Small Cities Housing Laws.  

New Laws In California Attempt to Address Housing Shortage

 

The Business Insider has an interesting article about New Laws Attempt to Increase Housing Stock In California.   A high percentage of the homeless in the U.S. are in the State of California, and the governor has been signing a number of bills to increase the housing stock by making it easier to develop apartments and condominiums on sites that would not have normally qualified for multi-family development.  The increase in housing prices by approximately 5,000 basis points since the pandemic has created a situation where most properties must be carefully screened during the commercial appraisal process to determine their highest and best use, especially in coastal areas.  Many more properties qualify as tear-downs because real estate developers are willing to pay top dollar for buildable sites.  

San Diego Reaches Top Rank - Most Expensive City in US in 2023

San Diego - America's Most Expensive City in 2023 according to U.S. News and World Report.  The sharp increase in housing purchase prices, apartment rents, and gasoline prices within just a few years is largely responsible for topping this list.  

Some Airbnb Rentals Shifting Back to Monthly Apartment Rentals

The inevitable paradox of profit is seeing a reckoning in some market areas where investors purchased apartments, condos, and single-family homes to convert to short-term rental use.  The combination of competing inventory and operating expenses (especially the property taxes and local municipality hotel taxes, which are now being enforced in most markets) have changed up the math and have some operators shifting the properties back to monthly rentals.  

Some Airbnb owners are shifting back to monthly rentals.  

City of San Diego Homeless Ban

 

In response to the concerns of many property owners, the City of San Diego has implemented a new ban on encampments in public areas.  City of San Diego Homeless Ban

San Diego Approves New Tenant Protection Ordinance

 

New laws to take effect for local apartment owners.

According to KUSI, "The Tenant Protection Ordinance will apply protections from day one of a lease with exemptions for short-term leases, offer financial assistance to tenants from landlords when a tenant’s lease is terminated through no fault of their own and have accountability measures to punish those violating tenant protections."

Bed Bath & Gone - New Retail Uses Planned For Commercial Real Estate Spaces

 

Bed Bath & Beyond Store Closers to Add New Retail Inventory

CNN reports on the Bed Bath & Beyond home goods retailer that was not able to weather the pandemic and increases online shopping and is having to liquidate its commercial real estate portfolio. Most of the stores are in the suburbs of mid-size and large cities with square footage under 50,000 square feet.

More Tiny Houses Coming to San Diego

 

More Tiny Houses Coming to San Diego

Section 8 Policies Have Been Revised

New Section 8 Policies in the City of San Diego 

A lawsuit has prompted changes to Section 8 threshold levels in multiple zip codes.  This impacts both rental property owners and families that can qualify for the Section 8 housing program. 

San Diego Authorizes Rapid Approval of Affordable Housing Projects

 

The City of San Diego is starting to pull out all the stops to get more housing approved and online.  The Mayor has issued a new executive order.  It will be interesting to see how many developers step up based on the potential for fast-track project approval. 

San Diego Executive Order For Rapid Approval of Affordable Housing Projects