The housing market's slow recovery, limited government funding and other factors have led to difficulties finding affordable housing in some areas, Multi-Housing News reports.
Elected officials in California are attempting to address the situation through legislation such as the Housing Opportunity and Market Stabilization Act, according to MHN. The bill would assess a document recording fee on real estate transactions to raise funds targeted specifically for use in supporting affordable housing and creating construction jobs.
In particular, this bill would help California residents with fixed incomes and limited budgets through the development, acquisition, rehabilitation and preservation of affordable homes.
Real estate organizations in the state are observing the bill's progress, the news source reports. While California has a large number of foreclosed homes, some are held off the market and a tight credit situation means that purchases can be difficult anyway.
Meanwhile, prospective tenants may have difficulty because of low vacancy rates. A lack of properly zoned parcels is also impeding the development of further multifamily housing, limiting the prospects of investors, rental property management firms and would-be renters.