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Several state-level real estate initiatives and urban development policies were voted on in the Nov. 3 general election, including issues involving tax credits for veterans, widows and long-time homeowners. . The passing of Proposition 19 in California overhauls Proposition 13, which slashed propertytaxes by almost 60% in 1978.
What’s more, operating costs for apartment and SFR (single-family rental) operators are up significantly since 2019 due to higher propertytaxes, insurance, and payroll costs. JBREC is not forecasting meaningful rent growth until 2026 and beyond, which will make it harder for new project developments to pencil.”
Well, I am only a single real estate professional with one opinion but, for me, the solution includes enacting a blend of corporate and federal dollars toward incentivizing the development of affordable for-purchase housing that targets under-served communities whose residents would otherwise find homeownership difficult to achieve.
According to Mike Fratantoni , MBA’s Chief Economist and SVP of Research and Business Development, the U.S. However, affordability challenges remain, as median purchase mortgage payments are still elevated and emerging cost burdens from rising homeowners’ insurance premiums and rising propertytaxes are adding to the cost of homeownership.
Unfortunately, as a result, some homeowners who were counting on relatively fixed homeownership expenses (excluding propertytaxes) over a 30-year period could be facing a payment shock they cannot afford (presuming they mortgaged a home with the 30-year fixed rate mortgage).
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