SB9, also known as the Accessory Dwelling Unit (ADU) bill, was recently passed by the California state legislature. This bill is designed to increase the supply of housing in the state by making it easier for homeowners to build accessory dwelling units (ADUs) on their property.
There are a number of benefits of SB9 for California homeowners, including the fact that it will make it easier to build ADUs, increase the value of their property, and provide additional income through rent. In addition, SB9 will help to address the state’s housing crisis by increasing the supply of housing.
If you are a California homeowner, then you should definitely learn more about SB9 and what it could mean for the future of California real estate.
What is SB9?
SB9, also known as the Accessory Dwelling Unit (ADU) bill, is a bill designed to increase the supply of housing in California. The basic idea of the bill is to make it easier for homeowners to build an ADU – a self-contained second dwelling –on their property.
Specifically, the bill makes it easier for homeowners to build ADUs that are up to 1,200 square feet, or 50% of the existing living area of their home. Additionally, SB9 also provides incentives, such as waiving existing fees, and allows ADUs to bypass certain regulations and restrictions. These incentives and relaxed regulations are intended to make it easier for homeowners to build ADUs and increase the supply of housing in the state.
What are the implications of SB9?
The passing of SB9 could have far-reaching implications for the California real estate market. Firstly, it would make it easier for homeowners to build ADUs, which would help to increase the supply of housing in the state.
Currently, the demand for housing in California far outpaces the supply and this gap is preventing many from being able to find and afford housing. By making it easier to build ADUs, SB9 could help close the gap between supply and demand for housing, which could help to reduce the cost of housing in the state.
Additionally, it could also help to increase the value of people’s homes and provide income through rent, which could help to stimulate the economy and benefit the state as a whole.
How could this impact the future of California real estate?
The passage of SB9 could have a number of positive impacts on the future of California real estate. As mentioned above, it could help to ease the housing crisis by increasing the supply of housing in the state.
This could help to reduce the cost of housing, making it more affordable for people to own and rent homes. Additionally, SB9 could also help to increase the value of people’s homes by allowing them to build ADUs. This could make it easier for people to sell their homes and could help to stimulate the state’s economy by increasing spending on real estate.
Conclusion
SB9, also known as the Accessory Dwelling Unit (ADU) bill, has the potential to have far-reaching implications for the California real estate market. The bill makes it easier to build ADUs and relaxes certain regulations, which could lead to an increase in the supply of housing in the state. This could help to reduce the cost of housing, increase the value of people’s homes, and provide income through rent. If passed, SB9 could potentially have a significant impact on the future of California real estate, making it easier and more affordable for individuals to buy and rent homes in the state.