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SB9 is just another example of state over-reach.
Back in 2012 the state did away with redevelopment laws. When they did that they eliminated the tax increment that came with it that was mandated to be used for low income housing. At the time I was working for a city that was in the process of acquiring 36 four-plex’s. We had already acquired 19 of them at an average price of $580k. The neighborhood had only one way in and looped back around with two interior streets. It was a hotbed for drug and gang activity.
Our plan was to acquire all 36 properties and scrape them off then enter into a deal with a non-profit low income home builder for 250 units. The deal we secured included veteran housing, job training and day care.
But then in his infinite wisdom Gov Brown signed away redevelopment because the teacher unions hated that school district’s didn’t get a portion of the tax increment.
Too this day those 19 lots sit vacant and no units built to replace them.
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