Real Estate/Development,
Land Use
Oct. 14, 2022
New laws pave way for more residential development in California
While in the long term they could increase the availability of housing and rejuvenate underutilized commercial properties, not everyone is in favor of the new laws – which can be perceived as a usurpation of the traditional authority of local governments.
Recent California legislation is attempting to accelerate and facilitate, statewide, the national trend of converting commercial real estate into residential use.
Whether in Chicago, New York or elsewhere in the country, housing shortages (affordable and market) have soared due to increasing demand - including from institutional investors. That surging demand has driven the cost of housing beyond the financial means of many individuals.
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