A California ballot initiative, if approved by voters in November, could add a swell of homes to the Golden State’s ridiculously tight housing market.
The Property Tax Fairness Initiative would make it much more affordable for homeowners who are aged 55 and older, disabled, or in natural disaster–ravaged communities to sell their current home and buy a new one within the state without being hit by crushingly higher property taxes. This could encourage older sellers to put their family homes on the market, easing the increasingly severe housing crisis, say real estate professionals.
The California Association of Realtors®, which is spearheading the initiative, collected nearly 1 million signatures to ensure that the proposal makes the Nov. 6 ballot. The signatures were submitted earlier this week, guaranteeing it a spot on ballot. (A similar bill was introduced by State Assemblyman Marc Steinorth in January, but has yet to come up for a vote.)