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REALTORS Urge Governor Newsom to focus on Homeownership
Friday, Mar 11, 2022 @ 07:16 PM

REALTORS® from across the state are urging Governor Newsom to focus on homeownership after it was omitted in the State of the State address on March 8th.

“Creating more homeownership opportunities absolutely has to be a priority for the State of California as a part of a commitment to equity, economic stability and opportunity, and we are disappointed that it was not highlighted as a priority during the State of the State address.” says GLAR President Anthony Vulin. “The Greater Los Angeles REALTORS® are committed to advocating for homeownership in our communities, and we hope that the state will step up and do the same.”

The impact of the lack of ownership housing is especially prevalent in the greater Los Angeles region, which lost 73,839 middle-income households between 2010 and 2020, according to the 2022 NAR report on Housing Wealth Gains for the Rising Middle-Class Markets. This was the second largest loss in the country, trailing only the New York City metro region.

C.A.R. President Otto Catrina noted that “The State of the State will not improve until California acts to dramatically increase the supply of ownership housing to provide working Californians the stability and prosperity that homeownership provides. Working Californians today are excluded from the benefits of homeownership that middle-class Californians once took for granted. California’s overall homeownership rate has declined to just 55 percent. Among the state’s largest ethnic group, Latinos, it’s 44 percent, and only 37 percent of Black families own their home. This is unacceptable.”

REALTORS® have worked with legislators to create common sense solutions to the homeownership crisis, including sponsoring several bills under consideration in Sacramento. 

At the local level, the Greater Los Angeles REALTORS® are advocating for increasing homeownership opportunities and housing production and have raised over $26,000 for the Housing Affordability Fund, which is offering a down payment assistance program in partnership with Neighborhood Housing Services of Los Angeles County.

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