City of Oakland, Bonta Offer New Tool to Build Affordable Housing

(Sacramento, CA) – Assemblymember Rob Bonta (D-Oakland) today introduced AB 2031 to empower California cities with a new tool to address the growing affordable housing crisis. The bill is sponsored by the City of Oakland.

“The affordable housing crisis affects everyone—from children, workers, and veterans to college students and seniors,” explained Assemblymember Bonta. “Far too many of California’s working families are spending more than half of their income on housing, sometimes leaving them forced to choose between a roof over their head or food for the family. AB 2031 provides our cities with a tool to help curb this crisis.”

AB 2031 speeds up the process to construct desperately needed affordable housing by allowing a city to issue bonds serviced by “boomerang funds”—funds returned to the city through the dissolution of redevelopment agencies.

Bonta represents Oakland, a city hard hit by the housing crisis, resulting in an ongoing displacement of long-time residents. “The diminishing housing opportunities for low-income and vulnerable residents are threatening one of Oakland’s greatest assets: its diversity,” said Bonta.

Oakland Mayor Libby Schaaf explained the urgent need for AB 2031. “Between 2010 and 2014 the Bay Area added roughly half a million private-sector jobs, but only 54,000 more units of housing,” said Schaaf. “This housing scarcity is exacerbating the regional affordability crisis for vulnerable and long-time residents in cities like Oakland. Assemblymember Bonta’s legislation is badly needed because it offers a mechanism for meeting California’s high demand for more affordable housing development.”

Bonta concluded, “No one should be driven, by no fault of their own, from the communities they love, grew up in, and want to raise their families in. But skyrocketing rents and lack of sufficient housing supply are making this impossible for tens of thousands of Californians. I am excited to work with the City of Oakland to help halt this disturbing trend.”

Read the full release here: http://asmdc.org/members/a18/news-room/press-releases/city-of-oakland-bonta-offer-new-tool-to-build-affordable-housing