Parkmerced, one of San Francisco’s biggest apartment complexes, is at risk of defaulting on its nearly $1.8 billion mortgage.
Owner Maximus Real Estate Partners has requested the transfer of the mortgage to special servicing, a move that can lead to foreclosure, according to a report by Morningstar, a financial services firm.
In recent years, California lawmakers have approved a flurry of legislation aimed at increasing the housing supply and addressing the state’s decades-in-the-making housing crisis. Senate Bill 9, passed in 2021, is one such change: it allows single-family homeowners around the state to split their lots in two, and build two homes on each lot. An analysis by the Terner Center for Housing Innovation at UC Berkeley estimated that the new law could result in 700,000 new homes.
The town is the first to have its housing element decertified by the state, which means it loses out on key state infrastructure funds. Wealthy Portola Valley earlier this year became one of the first towns in San Mateo County to receive state approval for its plan to build more housing.
Department says that plan isn’t worth anything if the city isn’t following through on it — and, as it turns out, Portola Valley isn’t.
For the last two years the “builder’s remedy” has been the unruly teenager of California housing laws.
Now, some of California’s most powerful Democratic lawmakers are pushing legislation that would clear up, but also rein in, the state’s most controversial housing statute. Nearly a year and a half since a developer first used the law to propose a zoning-code-blowing project, 2024 may be the year that the builder’s remedy grows up.
Last October, Marc Snyder’s insurance company informed him it wouldn’t be renewing his homeowners insurance this year for a reason he had never heard before: density.
The letter from Liberty Mutual said Snyder’s home was “located in a region where the dwellings are considered to be too densely concentrated for us to continue to provide coverage.”
A statewide non-partisan group made up of elected officials, nonprofit and organization leaders, and individuals. We advocate for the empowerment of local governments to foster equitable, self-determined communities offering a path for all to a more livable California Teleconferences Every Other Saturday at 10AM: By Invitation only. Register Here
A weekly Zoom call to talk about housing legislation and strategies to preserve local control. Bring your questions and ideas. Informal networking, announcements, and updates. PLEASE NOTE: You have to register in advance the first time to get the new Zoom link. After registering, you will receive a confirmation email containing information about joining the meeting. The Zoom link will work for the rest of the year. REGISTER
A weekly Zoom call to talk about housing legislation and strategies to preserve local control. Bring your questions and ideas. Informal networking, announcements, and updates. PLEASE NOTE: You have to register in advance the first time to get the new Zoom link. After registering, you will receive a confirmation email containing information about joining the meeting. The Zoom link will work for the rest of the year. REGISTER
A statewide non-partisan group made up of elected officials, nonprofit and organization leaders, and individuals. We advocate for the empowerment of local governments to foster equitable, self-determined communities offering a path for all to a more livable California Teleconferences Every Other Saturday at 10AM: By Invitation only. Register Here
A weekly Zoom call to talk about housing legislation and strategies to preserve local control. Bring your questions and ideas. Informal networking, announcements, and updates. PLEASE NOTE: You have to register in advance the first time to get the new Zoom link. After registering, you will receive a confirmation email containing information about joining the meeting. The Zoom link will work for the rest of the year. REGISTER