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Package of Bills Aimed at California’s Housing Affordability Crisis Passed by Legislature

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State legislators gave final approval to a package of major legislation aimed at addressing the state’s housing affordability problems.

On Friday afternoon the state Senate passed Senate Bills 2, 3 and 35 — legislation Gov. Jerry Brown has said he will sign.

SB 2, a $75 fee on mortgage refinances and other real estate transactions except for home and commercial property sales, is expected to raise $250 million a year to help finance low-income developments.

SB 3 will put a $4-billion bond on the November 2018 ballot, with $3 billion to subsidize the construction of low-income housing and the remaining $1 billion for home loans for veterans.

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