10
Nov

Governor-elect has plans to build 3.5 million homes in California by 2025

California’s Governor-elect Gavin Newsom wants to build a lot more new homes in the state in the next seven years — a lot more.California’s Governor-elect Gavin Newsom wants to build a lot more new homes in the state in the next seven years — a lot more.

Since 1954, developers have constructed more than 300,000 units in a year only twice. To reach 3.5 million units by 2025, California would have to build housing at a rate unmatched even in boom years. But it seems Newsom isn’t deterred by past numbers. To encourage construction of new housing, he has promised to make more tax credits available for affordable housing developments and to support voter-approved bond measures that finance housing construction.

Newsom said incentives could be made available to cities that reach housing goals; cities that don’t meet goals could lose out on state dollars for transportation projects.

Source: California Construction News