Capital & Main: Will Newsom Sign Bill Reviving Redevelopment Agencies?
“Housing advocates support the approved measures but argue that the stable source of funding abolished along with the redevelopment agencies was critical to local efforts to produce affordable housing.
The dissolution of the local redevelopment agencies ‘not only eliminated the major source of steady financing for affordable housing every year,’ says Amie Fishman, executive director of the nonprofit Housing Association of Northern California. ‘It also eliminated tremendous capacity at the local level to implement community development programs. It’s critical to rebuild those tools that we need.’
Fishman says affordable-housing efforts lost funding ‘to the tune of $1 billion a year since 2012. We would have had essentially $7 [billion] or $8 billion that had gone to housing [but which] was taken away because we were a casualty in a larger fight about the budget.'”
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