State lawmakers advance major housing bills, including a $75 fee on refinancing

Thursday, September 14, 2017

California lawmakers advanced key housing legislation late Thursday, clearing the most substantial hurdle for a package of bills aimed at addressing the state’s housing affordability crisis.

Legislators in the Assembly passed Senate Bill 2, a $75 fee on mortgage refinances and other real estate transactions except for home and commercial property sales. The measure is expected to raise $250 million a year to help finance new and rehabilitated developments for low-income residents — a key step, lawmakers said, in beginning to get housing costs under control.