As 2019 comes to a close, we want to make sure we update you on the legislation that becomes law on January 1, 2020. It has been a busy year for our Government Affairs Team, but we know that these pieces of legislation have important impacts on your business.

The National Association of REALTORS® evaluated their membership demographics and compared certain aspects from 2017 to 2018 and found some interesting changes. In that one year, there was a 4% increase in the number of female REALTORS® and a 5% increase in net income for REALTORS® overall. REALTORS® continue to see an overall growth in diversity of membership as a growing number of minorities and women are entering the profession. Since 2001, there has been a 20% increase in females and a 120% increase in minorities. The infographic below shows recent findings of who makes up their membership.

The Sacramento City Council voted and passed a budget proposal for Measure U funds earlier this month. Unlike a typical city budget vote, this one received a great deal of attention and controversy due to the exclusion of two districts when determining which local projects an initial $16 million from Measure U would fund. These are projects throughout Sacramento that Mayor Darrell Steinberg referred to as “early wins.”

We are in the midst of an immense housing shortage in California, and our new Governor is on a mission to begin repairing it. Governor Gavin Newsom’s housing plan is part of his $1.75 billion 2019 housing crisis package. He spoke throughout his campaign about building 3.5 million new housing units in California by 2025. The plan consists of $250 million allocated to help cities and counties with planning, $500 million in housing production incentive grants for local governments, and $500 million for expanding the State Housing Tax Credit Program to spur middle-class housing production and modernizing long-term Regional Housing Need Allocation (RHNA) goals by 2022.

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