1. United States
2. Calif.
3. Letter

Please vote NO or abstain on AB 736. AB 736 is a tax on homeownership. The bill only applies to single-family homes. If the proposed transfer tax amounts were imposed at 1.5%, approximately 53,720 households could not purchase a median priced home, and at 3%, approximately 103,306 households could not purchase a median-priced home, moving in the wrong direction for housing affordability. While we support helping homeowners who rebuild their homes, this exemption, as drafted, will benefit developers in the Los Angeles region who have already acquired wildfire-damaged parcels at a rapid rate, especially in the Altadena area.