Summary of the Home Revitalization & Homestead Act
1) Build 3 million single family homes in 3 years; 600,000 that cost less than $250,000 and 1.4 million that cost less than $200,000 and 1 million that cost less than $150,000.
2) Build 300,000 apartments in 3 years in which 100,000 units’ rents shall not exceed $800 a month and another 200,000 units in which the rents shall not exceed $1,200 a month.
3) Identify and designate specific areas of land and regions to be developed with housing and businesses.
4) Provide undeveloped land to developers at discount prices to facilitate the construction of affordable homes for the majority of Californians.
5) Reduce and or eliminate taxes on profits made by lending institutions for those loans made to home buyers.
6) Reduce and or eliminate taxes from profits derived by developers and contractors that produce large quantities of affordable housing units pursuant to the terms of this Act.
7) Eliminate property taxes on all new home and business construction in housing and economic development zones for a period of ten years.
8) Levy a tax on all new home construction that exceeds $250,000 in final cost to consumer.
9) Eliminate all corporate, business and income tax for ten years in the designated housing and economic development zones.
10) Upon five years of ratification of the Act levy a fine on all municipalities that have a disproportionately higher number of jobs than housing units.
11) Create a sweat-equity program enabling the poorest Californians to become home owners.
12) Open up state owned land for a Californians to homestead new sustainable farms and ranches.
13) Levy an increasing tax on all profits derived from single-unit home rentals to discourage the monopolization of homes for exploitative purposes.
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