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Committee hears competing views on CORE Act to protect affordable commercial leases; referred to suspense
Summary
AB 613, the CORE Act, which would recognize enforceable affordability restrictions on commercial leases for property-tax assessment purposes and incentivize nonprofit ownership of commercial space, was discussed at length and referred to the committees suspense file.
AB 613, sponsored by Assemblymember Gonzalez on behalf of the author, would treat enforceable affordability restrictions on commercial leases as factors assessors consider when setting assessed value, creating a tax incentive for nonprofit ownership that preserves affordable retail and nonprofit space.
Supporters — including Inclusive Action for the City and the California Coalition for Community Investment — said nonprofit ownership of commercial…
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