Mercury News: Affordable housing falls victim to California’s insurance crisis

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Nearly a year ago, State Farm stopped issuing new insurance policies for homes and businesses in California, accelerating a tsunami of major insurance company departures. At the time, the most obvious impacts of these withdrawals were on single-family homeowners. But the repercussions have extended much further. Without progress toward stabilizing the insurance industry in California, housing for lower-income renters is in urgent jeopardy as well.

The consequences for nonprofits and other smaller landlords that provide affordable housing in the form of single-family or smaller-scale multi-family rentals have been largely left out of the headlines and policy discussions. But they are increasingly devastating. The insurance crisis is now an existential threat to nonprofit housing organizations and the renters in communities throughout the Bay Area that depend on them.

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