The California Housing Consortium released the following statement from Executive Director Ray Pearl in support of a proposal released recently by 12 Democratic Assemblymembers that would deliver relief to Californians struggling to keep up with skyrocketing rents:

“CHC wholeheartedly supports the proposal introduced today by Asms. Chiu, Thurmond, and their colleagues with support from Speaker Rendon. This plan recognizes that our state’s housing affordability crisis is hurting California businesses and sending California jobs out of state. California’s affordable home developers are ready to deploy this much-needed investment to put affordable homes within reach of the state’s neediest individuals and families, create jobs, and strengthen communities.”

The Assemblymembers’ proposal comes as state investment needed to catalyze affordable development has plummeted by approximately $1.7 billion annually, or 79 percent, following the elimination of redevelopment agencies in 2012 and the exhaustion of state housing bonds.

California’s shortfall of 1.5 million apartments affordable to the neediest Californians is driving our state’s poverty rate to the highest in the nation.

The proposal introduced today would mark a turning point in California’s housing affordability crisis, and jumpstart building of affordable places to live for struggling individuals and families.