Understanding SB 35: Why So Many New Apartment Complexes?
Filed under: Real Estate Market
Today I am talking about SB 35: what does it mean for you? Locally, I am hearing a lot of conversations about all of the new apartment complexes that are being built.
This is happening because of SB 35: builders have been able to get approvals to build more apartments. These builders are going to the city and discussing the fact that housing requirements are not being met (as set forth by the state). So, the builders are demanding expedited time frames to get these projects pushed through the system.
SB 35: More Low-Income Housing in the Area
So, SB 35 was designed to make sure there is enough affordable housing for people who need a place to live. The regulations say that X% of these projects have to be for low-income recipients. The idea is to provide more low-income housing for the people who need it.
The natural byproduct of that is builders are now having streamlined red-tape, so they can get their plans approved very quickly through the cities. So that is why we are seeing so many apartment complexes going up at the same time, and they will be finished fairly quickly in relation to the start of the project.
I’m Always Here to Help
If you have any questions about the apartments that are going in or anything related to these types of matters, I would love to talk to you any time. I am dialed into the industry, and I’m always here to answer your questions.
For more information about housing or real estate in Temecula, then reach out. I am always here to help. Call, text, or email so that we can talk: (951) 473-0390 or [email protected]