LOS ANGELES , Oct. 28, 2024 /PRNewswire/ — The California Center for Real Estate (CCRE) has released a list of this year’s top housing issues and insights, reflecting conversations over the past 10 months among the state’s top governments. Announced. Academia, nonprofits, and business leaders are working together to address California’s multifaceted housing challenges.
(PRNewsfoto/Center For California Real…) (PRNewsfoto/Center For California Real…)
The list was announced just ahead of the center’s flagship event, “CCRE Housing Summit: Charting California’s Future,” to be held in Los Angeles on Wednesday, October 30th. Arguably the most important statewide housing event of the year, the summit will include analysis of the current political environment for implementing housing policy changes, examining the state of homeownership for Californians, and improving housing policy. It brings together experts from industry, academia, the civil sector, and the private sector to consider a wide range of strategies for Housing supply.
Melanie Barker, 2024 President of CALIFORNIA ASSOCIATION OF REALTORS®, said, “This is a critical time for the housing industry as a variety of issues converge to impact our ability to provide Californians with what they need. There is,” he said. “The California Real Estate Center was created for exactly this purpose: to bring together the best talent from across the state and nation to understand what’s happening on the ground, what’s holding back progress, and what’s wrong. It’s about having an honest conversation about what we need to do to solve the biggest challenges in housing and real estate. ”
What began the year as a focus on interest rates and home affordability quickly shifted to homeowners insurance as the primary issue impacting housing and homeownership, dominating the news cycle.
Immediate consumer participation and the need for action led to renewed awareness of housing news across the state this year as homeowners, buyers and sellers sought to change canceled insurance plans and take advantage of market shifts. It has risen to a high level.
The issues and insights below are summarized from a series of statewide conversations held this year by the California Real Estate Center.
Insurance: Relief is at hand, but still a long way off
Homeowners insurance was by far the biggest issue in the housing sector this year, with rising premiums, major airlines leaving the state, and major legislative changes underway.
• CALIFORNIA ASSOCIATION OF REALTORS® reported that 7% of members surveyed in 2023 were unable to transact in the past year because they were unable to obtain affordable insurance.
• Mark Sektonan, vice president of state government relations for the Property Casualty Insurance Association of America, reported that over the past 10 years, insurers have paid $1.13 for every dollar accepted.
• Insurance Commissioner Ricardo Lara shared his determination to deliver major insurance reform on fare change rules by the end of the year to help airlines return to the state, but relief won’t come soon enough. Insurers need faster processing and approval by the California Department of Insurance and time to implement changes.
Housing supply: reversing a decades-old problem
• State legislation does not provide sufficient support for additional housing. “This year in Sacramento, we had two housing-creating bills and eight housing-killing bills. Yet, after years of a housing crisis, there are even more housing-killing bills.” Jeff Schroeder said. Planning and management, Ponderosa Homes.
• Consumer advocacy is key to reversing decades of underinvestment in housing. “If we’re going to do anything to stop this housing crisis, we need to change the minds of more people,” said Xiomara Cisneros, senior program officer for housing affordability at the Chan Zuckerberg Initiative. he said.
• Addressing current shortages requires a multifaceted approach to supply. “We must continue to advocate for resources and policies to conserve, protect and produce,” said Noni Ramos, CEO of Housing Trust Silicon Valley. “It has to be all three strategies. That’s the only way.”
• Historical approaches are being reevaluated in an “all-on-the-table” approach to solving supply problems. “We’re going to look at how to address CEQA in a more comprehensive way for the protections we need, but we don’t want frivolous litigation to be a barrier that delays projects for years. It’s a balance,” he said. Congresswoman Pilar Schiavo.
Affordable: Uphill with proven solutions and case studies
• Affordability is an issue at all income levels. According to CAR’s Q2 2024 Home Affordability Index (HAI), only 14 percent of California households can afford a median-priced home, which requires an annual income of at least $236,800. shown to be necessary.
• Outdated zoning practices, excessive permitting, and massive costs such as impact fees exceeding $100,000 per unit are making projects increasingly affordable at all levels.
• Improvements in supply have a direct impact on easing prices. “In San Diego, where we used to allow 2,000 or 3,000 new homes per year, we are now allowing up to 9,000 new homes this year. , rents are stabilizing.”It’s real,” said Councilor Chris Ward.
• Developing inclusive processes that enable the participation of underrepresented communities, such as older people and minorities, from advocacy at conferences to designing targeted solutions to releasing significant wealth into the economy. Necessity is critical. If seniors liquidated their assets at 3% interest, they could inject $300 billion into the economy, said Robert Kleinhenz, director of the Economics Laboratory at California State University, Long Beach. It suggested it would be enough to increase national growth by 1 percentage point.
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For detailed information and reports on each event hosted by California Real Estate Center this year, please visit http://ccre.us.
About California Real Estate Center
The Center for California Real Estate (CCRE), an agency of the CALIFORNIA ASSOCIATION OF REALTORS® (CAR), works with a variety of partners to advance knowledge and research and develop innovative solutions to critical issues facing California and the real estate industry. promote innovative thinking and expand CAR’s services. Deliver impact through intellectual engagement with diverse audiences, diverse stakeholders, and new external partners.
CCRE serves as a nexus of interdisciplinary thinking aimed at solving some of the state’s toughest problems. Bringing together leading experts from a variety of fields, from academics and policymakers to industry leaders, CCRE generates new knowledge and serves as an important resource on housing issues for all CAR members, external organizations, the media, and the public. I will.
About California Association of Realtors®
CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org), a leader in California real estate for nearly 120 years, is the nation’s largest state trade organization with 200,000 members dedicated to advancing professionalism in the real estate industry. One of the organizations. Estate. CAR’s headquarters are located in Los Angeles.
California Association of Realtors (PRNewsFoto/CAR) Decision
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SOURCE CALIFORNIA ASSOCIATION OF REALTORS’ California Real Estate Center
