SB 262 advances from committee despite objections over general-plan ordinance and shared-equity pilot

A Senate committee voted 3–1 to advance Senate Bill 262, a multifaceted housing affordability bill that would (1) define a municipality’s general plan as an ordinance; (2) provide an optional overlay allowing limited higher-density owner-occupied housing aimed at first-time buyers; and (3) seed a shared-equity pilot that uses state first-time homebuyer funds as leverage for private and philanthropic capital.

Sponsor Senator Evan Fillmore told the committee the bill seeks to reduce development cost and regulatory uncertainty by allowing developers to rely on a legislative general plan, and to create an optional, lower-density overlay for first-time homebuyer units. "People who build housing need to be able to plan," Fillmore said, arguing earlier legislative adoption of a general plan can reduce predevelopment legal costs and hearings that add to housing prices.

The bill drew…