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Committee advances bill to let cities form downtown recovery districts to finance office‑to‑housing conversions
Summary
AB 1445 would allow cities to form downtown recovery districts that capture property‑tax increments to help finance conversions of office buildings into mixed‑use housing, with aims to accelerate downtown recovery and create affordable housing. Supporters from tourism and housing groups backed the tool; committee approved the bill as amended.
The Assembly Housing and Community Development Committee voted to pass AB 1445, which would let cities create downtown recovery financing districts to help convert vacant office space into mixed‑use and affordable housing.
Assemblymember Haney, who introduced the bill, said downtowns occupy a small share of city land but contribute a disproportionate share of local tax revenue and that post‑pandemic office vacancy and falling commercial values are stalling downtown recovery.…
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