New 2024 Real Estate Laws
California's recent legislative adjustments carry substantial implications for homeowners and renters. By breaking down these new housing laws and their complexities, we hope to clarify how recent changes in tax laws might impact you and your housing situation.
AB 1033
Allows homeowners in participating cities to sell ADUs as condos. They must have a separate conveyance of utilities.
AB 12
Beginning July 1, 2024, landlords in California can only demand a security deposit for a residential rental up to the equivalent of one month’s rent. There is a specific exemption for small landlords who own just two properties, provided the total number of units between those properties does not exceed four.
AB 1332
Requires each city to develop a pre-approval process for ADUs.
AB 288
This act authorizes the transfer of real property by Revocable Transfer on Death Deeds even if ownership is not typically evidenced or transferred by use of a deed.
AB 1738
This act directs the Department of Housing and Community Development to research and develop mandatory building standards that will require new multi-family (more than 4 units) and existing multi-family buildings that pull permits for the purpose of alterations or additions to parking areas to install level 2 or higher EV charging stations during initial construction or the alterations.
SB 971
This senate bill will remove a landlord’s ability to deny pets in affordable housing units funded by the Department of Housing and Community Development (HCD) or the Low-Income Housing Tax Credit (LIHTC).
Proposed New Law - AB 2216
A new bill has been introduced to legislation that prohibits blanket pet bans in rental units in California. AB 2216 will require landlords to have reasonable reason(s) for not allowing a pet in a rental unit and only allows landlords to ask about pet ownership after a tenant’s application has been approved.
To view all of the new California housing laws, click HERE.
The recent changes in California's housing laws highlighted above have significant implications for property owners and renters. It's crucial for everyone, especially homeowners, to understand and adapt to these changes to navigate their unique situation correctly going forward. As your trusted real estate advisors, we stay up to date with all changing laws to keep you informed. Contact us to discuss how these recent changes may affect you and how to plan for the future.
