The Yimby movement is backing Assembly Bill 698, which would impose new requirements on local governments looking to implement real-estate transfer taxes, an important revenue source for affordable housing. This bill mandates cities to conduct and publish studies on the impact of such taxes before adoption. With cities like San Francisco and Los Angeles successfully utilizing progressive transfer taxes to fund affordable housing initiatives, the Yimbo movement's support of this bill appears contradictory, as it could hinder efforts to raise essential funds for housing amid declining budget resources.
The Yimby movement is supporting the AB 698 bill which would complicate local government efforts to raise real-estate transfer taxes vital for affordable housing funding.
The Wicks bill would introduce a requirement for local governments to conduct studies assessing transfer taxes' impacts on affordable and market-rate housing production.
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