SB 937
Home builders in California face a barrage of financial challenges, from exorbitant local development fees to high interest rates and rising labor and materials costs. Local development fees, including impact fees, services fees, and in-lieu fees, can reach $150,000 per home or higher. In many cases, the uncertainty around construction costs is enough to severely delay or even cancel much-needed housing projects.
SB 937 will ensure cities can continue to make progress towards their housing goals in the face of recent cost increases. SB 937 allows home builders to delay the payment of certain impact fees until a certificate of occupancy is issued for their project, which will lower financing costs and allow more projects to pencil.
Updates
SB 937 passed the Senate Floor on May 20, 2024 with a 36-0 vote. It passed the State Assembly on 8/27/24 by a 56-1 vote. It passed a concurrence vote in the State Senate on 8/28/24 by a vote of 30-1. It was signed into law by Governor Newsom on 9/19/24.
Authors
Wiener (D, SD 11)
Co-Authors
Grayson (D, AD 15)
Co-Sponsors
California YIMBY, California Housing Consortium, Housing Action Coalition
Resources
- SB 937
- SB 937 Support Letter
- SB 937 Fact Sheet
- California YIMBY statement on legislative passage of SB 937
- California YIMBY statement on Governor signing SB 937