SB-9, or the HOME Act, is all about increasing housing in California.
SB-9, otherwise known as the HOME Act, went into effect in California on January 1, 2022. HOME Act stands for Home Opportunity and More Efficiency Act, and it is one of our legislature’s answers to California’s housing crisis. SB-9’s goal is to increase housing in our state. It will allow people to take a property that was zoned to be a single-family home, divide the property, and build up to four more units on that property.
However, the HOME Act is controversial because there will be both winners and losers. This could be a great deal for investors, people looking to leverage their property, and those wanting to build an additional unit for family members. The law will raise the number of rental houses available. With that said, some people moved into certain neighborhoods because they wanted to live among other homeowners (those who have private ownership of their homes), and **typically, increasing the number of rentals in those areas hasn’t had a positive effect on home values. **
If you have further questions about this law or any other real estate matters, please call, text, or email me. I would love to help you.