CAR opposes AB-71: Second Home Owners Agree
The California Association of Realtors has recently let its staunch opposition to AB-71--also known as the Bring California Home Act--be known. They caveat that while they support half of the bill, increasing tax credits for affordable housing, the bill would also prove detrimental to homeowners and the broader real estate market by eliminating the mortgage interest deduction on second homes. Read CAR's full statement here.
According to the National Association of Home Builders, California is one of the leading states for second homes, with Alpine County (south of Lake Tahoe) clocking in at 72%, ranking it 4th in the list of Top 10 Counties with Largest Share of Second Homes. And on the list of Top 10 Counties with Most Second Homes, Riverside County ranks 6th with 76,700 homes, while Los Angeles County ranks 10th with 59,742 homes. Read their full report.
Whether you support AB-71 or not, now is the time to call your legislator and let your voice be heard. Not sure who your representative is? We can help with that. Enter your zip code at http://www.house.gov/representatives/find/ and they will find your congressional district and representative. NOTE! You may have to enter your home address if your zip code is split between two or more districts.