Fresno Housing Killer Buried in Newsom's Latest Budget
California's law, AB 130, will significantly increase the price of new homes away from the urban core, as the city of Fresno debates its own Vehicle Miles Traveled (VMT) rules.
A 12-year-old California law aimed to reduce greenhouse gas emissions by limiting urban sprawl, using complex formulas to predict driving distances for new home developments and taxing those outside the urban core.
- Builders could lower taxes by building bus routes or adding bike lanes.
- However, some California agencies claimed these efforts were not effectively reducing greenhouse gas emissions.
The California Air Resources Board wanted proof that people were choosing to ride the bus or a bike instead of driving, says environmental attorney Jennifer L Hernandez, a partner with Holland & Knight.
The city council must now navigate these regulations and their impact on Fresno's housing market.
Author's summary: Fresno faces housing challenges due to California's new law.