California overhauls housing financing to fast-track affordable homes statewide

California Gov. Gavin Newsom signed Assembly Bill 179 to overhaul affordable-housing financing by creating a one-stop system that streamlines funding, reduces duplicative reviews, and lowers development fees to cut costs by roughly $60,000–$70,000 per unit. The package includes a $100 million Disaster Rebuilding Fund, $900 million in homelessness grants, and $700 million more for affordable multifamily housing via tax credits. Officials say the reforms will accelerate projects from planning to construction, though the crisis won’t be solved overnight; they point to a 59% rise in housing starts since 2019 and shorter permit times (68 days vs 160) as progress, while noting CA’s median home prices remain high.