UPDATE: This legislation was referred to the Committees on Housing and Community Development, and the Committee on Local Government on 3-11-24.
AB-2909 was introduced by Assembly Member Santiago on 2-15-2024.
This bill would allow property owners to convert their buildings into residential use in exchange for a lowered property tax assessment. Property Owners would be required to enter into contracts with a legislative body to restrict the use of the property for housing.
Properties constructed prior to 30 years before the date of the agreement, and meeting all the requirements of CA Government Code 65912.111 would qualify for this program which would begin on January 1, 2026 and run until January 1, 2036.