Assemblyman Guy Houston D-15 (R-San Ramon), announced Monday, that he has introduced legislation to help ensure that the long-term health of California’s housing market is protected during the current housing crisis. AB-1777 addresses the time limits builders have to complete new homes after they receive approval from local government. If the project is not started in time, then the home builder must go back to the local government to get re-approved, wasting valuable time.
Assembly Bill 1777 will extend by 24 months the amount of time that a housing project can remain viable. Similarly, in 1993, during the previous significant housing downturn, a measure was passed and signed by Governor Pete Wilson, that, as a result, better prepared the market with an adequate supply when home buyers were ready to jump back into the housing market.