Foster City Affordable Housing Preservation Proposal Passes off of the Assembly Floor
For Immediate Release: June 7, 2021
Contact: Peter Pirnejad, (650) 286-3220, manager@fostercity.org
On June 2 Assembly Bill (AB) 1029 (Mullin) passed off of the Assembly Floor on a bipartisan vote, clearing the half-way point in this year’s state legislation session. At the request of the Foster City City Council, California State Assemblymember Kevin Mullin (D, South San Francisco) introduced Assembly Bill (AB) 1029. This measure helps to position Foster City and other California jurisdictions to vie for much needed state funding to preserve existing affordable housing units that are at risk of being converted into market rate units due to expiring covenants.
“While we are pleased to see that our proposal continues to advance this year, there is a long way to go to ensure this bill becomes law” said, Mayor Sanjay Gehani. “We applaud Assemblymember Mullin for his steadfast leadership and ability to work with his colleagues across the aisle to garner 61 votes in support of this important piece of legislation.”
AB 1029 highlights a critical component in the affordable housing crisis that has been missing from the conversation. According to the California Housing and Community Development Departments California’s Housing Future: Challenges and Opportunities, over the next decade, expiring subsidies supporting 117,714 affordable housing units across the state are set to expire—likely displacing residents as these Below Market Rate units covert to market rate units.
Since the elimination of the Redevelopment Agencies by the State, California cities no longer have access to significant funding and ongoing affordable housing resources. “State funding is critical” said, Vice Mayor Richa Awasthi. “California’s historic budget surplus provides an incredible opportunity for the Legislature and Governor to partner with local government in preserving local affordability covenants. AB 1029 highlights the importance of preservation. We look forward to working with Assemblymember Mullin and Senator Becker to capitalize on this opportunity to protect our City’s most vulnerable residents.”
Over the next several months, AB 1029 will be deliberated in the State Senate—moving through various policy and fiscal committees. It must advance through these polices committees as well as the full Senate before moving on to Governor Newsom for his signature or veto.
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