California takes aim at housing discrimination with new laws

“Some communities have only built one sort of housing for one sort of person,” Assembly Member Miguel Santiago, D-Los Angeles, said. “It’s one thing to say we are not discriminating. It’s a whole other thing to say we are dismantling discrimination.”

Santiago’s AB1304, which was among the bills Newsom signed Tuesday, has consequences for an ongoing process in which local governments must plan to meet ambitious state targets for new housing to accommodate population growth over the next eight years. It requires cities and counties, as part of that process, to analyze patterns of racial segregation in their communities and explain how their plans would address those disparities.

Doing so will force local governments to think about providing a range of housing options for the diverse populations of California, Santiago said. “We want to make sure when we’re building, we’re building for everyone.”

Two other bills target the unequal treatment that Black and Latino homeowners and buyers continue to face, which contributes to far lower rates of ownership than among white and Asian American Californians. During the pandemic real estate boom, Black homeowners in the Bay Area complained that they were shut out of favorable financing and major property gains because appraisers systematically undervalued their homes.

SB263 by state Sen. Susan Rubio, D-Baldwin Park (Los Angeles), adds implicit bias training to the coursework for obtaining a real estate license. AB948 by Assembly Member Chris Holden, D-Pasadena, makes it illegal to base the market value of a property on factors including race, gender, religion, disability and sexual orientation of the homeowner or residents of the surrounding neighborhood. It also mandates cultural competency instruction for real estate appraisers and directs the state to collect demographic information in complaints of undervaluing.

Holden said his father worked on similar fair housing issues as a state legislator in the 1970s, a stark reminder that California must still do more to ensure opportunities for all people to have a roof over their heads.

“It almost feels to some degree like this is ‘Back to the Future,’” Holden said.

Newsom signed the measures during a visit Tuesday to a housing development in Oakland with a mix of market-rate and affordable units, which he praised as an opportunity to build trust and community.

“I don’t want to see people segmented in any way, shape or form,” he said. “I want people living together, advancing together, across every conceivable difference.”

Other housing equity bills he signed include:

AB491 by Assembly Member Christopher Ward, D-San Diego, which requires mixed-income apartment buildings and condominiums to provide residents of affordable units equal access to entrances, common areas and amenities and prohibit developers from isolating all of the affordable units on one floor or in one section of the building.

AB1095 by Assembly Member Ken Cooley, D-Rancho Cordova, which gives more consideration to owner-occupied projects in state affordable housing programs, an effort to address the racial gap in home ownership.

AB721 by Assembly Member Richard Bloom, D-Santa Monica, which clarifies that 100% affordable housing projects can override size restrictions in property deeds and build as many units as local zoning allows, eliminating what Bloom says are the vestiges of racist historical efforts to keep multifamily housing out of certain neighborhoods.

One of the measures was inspired in part by an article written last year by Chronicle columnist Justin Phillips, about property deeds that still contain language prohibiting non-white people from buying them, decades after the U.S. Supreme Court ruled those type of racial covenants unenforceable.

AB1466 by Assembly Member Kevin McCarty, D-Sacramento, makes it easier for homeowners to remove that language from their deeds and requires county recorders to set up programs to identify properties with racial covenants and proactively redact the deeds.

McCarty said the measure will provide a more comprehensive picture of where discriminatory policies existed that could inform future efforts to correct those past injustices.

“This mapping will have significance for us as a state,” he said.

The legislative housing package that Newsom signed Tuesday included an additional 20 bills addressing a wide range of development fees, affordability restrictions and programs to promote construction, including SB478 by Sen. Scott Wiener, D-San Francisco, which would loosen local restrictions on square footage for small multifamily projects.

Alexei Koseff is a San Francisco Chronicle staff writer. Email: alexei.koseff@sfchronicle.com Twitter: @akoseff

Article source: https://www.sfchronicle.com/politics/article/California-takes-aim-at-housing-discrimination-16494838.php

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Listed for $100M, This Atherton Compound Could Break Bay Area Records

Located on the San Francisco Peninsula, Atherton is known as the most expensive ZIP code in the country, sunny weather, and more than a few multimillion dollar mansions. Now, the exclusive enclave has broken into nine-digit price territory.

A spread that served as the summer retreat for the Fisher family, the founders of the Gap clothing company, has come on the market for the first time in nearly 50 years. The most expensive property on the market in Atherton, it’s available for the hefty price tag of $100 million.

Purchased in in 1975, the compound stands out for its large price and enormous size. Measuring 8 highly coveted acres, it’s one of only 10 properties of this size in Atherton, the listing notes. Spread over three parcels, it has two homes and four gated entrances, plus a poolhouse, guesthouse, pool, as well as a tennis court.



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39ff3 bcacc6522b19b8eda1d558c28d2bc245w c769689598xd w826 h860 q80 Listed for $100M, This Atherton Compound Could Break Bay Area Records

The five-bedroom main house features interiors by the San Francisco designer Michael Taylor, as well as two en suite bedrooms.

A second home, recently configured for entertaining, also includes a detached one-bedroom, one-bathroom guesthouse.

The parklike grounds are dotted with groves of California live oaks, mature landscaping, meandering pathways across green lawns, and 2 acres of extraordinary art.

Donald and Doris Fisher founded the San Francisco-based clothing company the Gap in the 1970s. (Donald died in 2009.)  The longtime art collectors, whose substantial contemporary art collection is on view over three floors of SFMOMA, also used the grounds of their Atherton getaway to display some of their art collection. Priceless, museum-quality sculpture can be found over landscaped walkways. Alas, the alfresco artwork leaves with the sellers.

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Watch: This Insanely Expensive $169M Penthouse in NYC Rises Above the Rest

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While the next owners will have to bring along their own art, the listing suggests other possibilities for the massive amounts of land: garages for car collectors, an indoor pool, and other sports training facilities.

Whatever happens with the next owners, the property may stand out as a serious land grab in the small town.

“This listing is the largest real estate offering since 2011, when a 12-acre property on Atherton Avenue sold,” says the listing agent, Mary Gullixson with Compass. She and Brent Gullixson represent the listing.

“Properties like these are generational opportunities to own in the most desirable location of the Bay Area,” she says. “The Atherton estate was created over decades by the owner. There is more new construction happening in Atherton than ever before—likely lessening the opportunity where an affluent individual can purchase two, three, or four contiguous lots to a property they currently own.”

The serene space is close to the shopping and dining of Menlo Park, easily accessible to tech hubs like Facebook and Apple, and equidistant between San Jose and San Francisco.

The population of the posh Bay Area suburb is just over 7,000 residents. Right now, it has only 38 listings on the market, with a mind-boggling median list price of $10,597,500.

For that price of entry, you could become neighbors of such famous residents as Google’s Eric Schmidt, the NBA superstar Steph Curry, and the finance executive Charles Schwab. Atherton is quite often described as the priciest town in the United States. The co-founder of Microsoft, Paul Allen, who died in 2018, owned an estate in Atherton that recently sold for $35.25 million.

The post Listed for $100M, This Atherton Compound Could Break Bay Area Records appeared first on Real Estate News Insights | realtor.com®.


Article source: https://www.sfgate.com/realestate/article/Listed-for-100M-This-Atherton-Compound-Could-16473806.php

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Millennials are buying more homes – after moving back in with their parents

Even before getting engaged last year, the East Bay couple had been anxiously budgeting, unsure if buying a house in one of the priciest regions in the nation was feasible. In August, the median house price for a home in the Bay Area was $1.3 million, according to the California Association of Realtors — with mortgage payments that are more expensive than renting and a stretch for two young professionals. In the end, it was possible, but not without some number crunching and serious doubt.

Those concerns are particularly pronounced for Millennials like Ton and Wong, with claims by some economists that they’ve fallen behind other generations in financial standing. But while previous research indicated that Millennials may be too poor to own homes, more adults in their 20s and 30s are beginning to dip their toes in the housing market. And, for many, it’s coming after moving back in with their parents.

The National Association of Realtors also reported this year that 28% of younger Millennials lived with parents, other family members or friends right before purchasing a home.

This is higher than any other generation,” a briefing of the report said, attributing it to young adults trying to save for a down payment as they were looking for a home.

Ton and Wong are among them, having just closed on a property this summer.

“We were not planning on moving back home initially,” Ton said. But when COVID-19 hit, the couple’s housing plans with friends fell through. Moving back in with each of their parents in the East Bay seemed like a good, temporary plan — a rare opportunity for family time in the midst of pandemic uncertainty.

And while it meant being separated from each other, there were some financial perks to make up for it: No commuting costs, thanks to remote work. No work lunches. And no more Bay Area rental rates, which is annually ranked as one of the highest in the country.

“Being able to stay at home really helped us out,” Ton said, noting that they were able to buy a home three to four years earlier than they had budgeted. “I think it put us in a really strong purchasing position.”

The couple isn’t alone, joined by a generation of other young adults who were forced into the same situation over the course of the pandemic. In July 2020, Pew Research reported that 52% of young adults were living at home with their parents, a jump from the 46% reported in January earlier that year. It was the first time that census data recorded more adults ages 18-29 living with their parents instead of with roommates, partners or on their own, the study said.

And similar to Ton and Wong, the path back to childhood homes has allowed many Millennials to gain better financial footing. A 2020 study by Bank of America found that Millennials were saving more than ever before — 73% of respondents said they were able to add to their savings during the pandemic, up 10% from two years ago. Nearly 40% said that they were able to boost their credit score, and 27% said they were able to reduce their spending during the pandemic.

 Millennials are buying more homes   after moving back in with their parents

Jann Ton inspects the master bedroom in her new home.

Gabrielle Lurie/The Chronicle

“I think it’s also because we couldn’t do anything (during the pandemic),” Ton said. She also attributes their increased savings to social distancing measures, which led to a dramatic drop in consumer spending. “Expenses that went away with lockdown really put us in a better financial position.”

It’s a stark turnaround from previously recorded data, which suggested Millennials had some of the poorest spending habits and credit scores compared to previous generations. Despite making up 22% of the population, the Federal Reserve reported that Millennials owned a little over 5% of all U.S. wealth last year. A 2016 report by TransUnion also found that 43% of Millennials said they had subprime credit, and a 2019 study by Bankrate found 58% of Millennials were turned down for a loan — although that number was cut nearly in half in 2020.

Those numbers are part of the reason Millennials have had the lowest homeownership rates relative to other generations, although they now make up the largest share of the housing market, representing 37% of homebuyers.

“I think it was the case that the Millennial generation was hit rather hard and for a long time by the financial crisis (in 2008) and the Great Recession that came afterwards,” said James Wilcox, a professor of economic analysis and policy at UC Berkeley. He points out that many Millennials graduated in one of the poorest job markets of the decade, peaking at 16.2% unemployment for young workers in 2010.

But despite the recession that slugged them in the prior decade, Wilcox thinks that COVID-19 — and the exodus that resulted from it — was a game changer for some, particularly Millennials who had a stable income. With scant opportunity to spend their paychecks in a remote world and some of the lowest mortgage rates in the past 50 years, it was a sign for many to head home and begin moving into the housing market themselves, as Wong and Ton did.

 Millennials are buying more homes   after moving back in with their parents

Realtor Scott Nguyen (center) and new homeowners Martin Wong and Jann Ton inspect their new home in Alameda County.

Gabrielle Lurie/The Chronicle

“I think many (Millennials) may have been putting home ownership off,” Wilcox said. “And when all of a sudden mortgage rates went under 3% and they still had jobs and were saving more, I think we saw … some catch-up from the past and some telescoping of future demand. Adults who said, ‘Well, we’re going to buy a house sometime in the next few years, but a 3% mortgage rate and a job that doesn’t require me to be close to downtown?’ Makes it time to move to the ’burbs.”

The improved homeownership rates are a sign that Millennials are beginning to settle into adulthood, although Ton admits that the process of saving up at her parents’ home hasn’t come without its struggles.

“I respect that it is their home and I do follow their rules, but I have to answer the five Ws every time I go out,” Ton said, referring to who, what, when, where, why.

Despite some of its challenges, Ton and Wong have called the past year and half a valuable experience — more home-cooked meals, more time with the family, as well as the family dogs. And most important, it’s led to the couple settling into their own space in the East Bay. Under a fixed mortgage, they say it’s a relief to no longer have to worry about San Francisco’s rising rent prices.

“It feels surreal,” Ton said. “Overall, we have no regrets with how things turned out.”

Jennifer Sor is a San Francisco Chronicle staff writer. Email: jenn.sor@sfchronicle.com Twitter: @jennifer_sor

Article source: https://www.sfchronicle.com/bayarea/article/Millennials-are-buying-more-homes-after-16415083.php

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‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price

SAN FRANCISCO, Calif. (KRON) – A San Francisco home just sold for $2.1 million over its asking price after receiving 15 offers in 11 days.

177 Belgrave Avenue was listed at $3.5 million, and it sold for $5.6 million.

The home has been coined a treehouse in the sky by Compass realtors because of its “breathtaking city views from every room, sprawling outdoor space, and an unparalleled level of privacy.”

 ‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price
Credit: Aerial Canvas

This was the first time that the home hit the market in 50 years. It was built in the 1970s and has only ever had one owner.

 ‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price
Credit: Aerial Canvas

It’s located in San Francisco’s Cole Valley neighborhood, but you wouldn’t necessarily know that upon entering.

“If you showed this home to 100 people, I would bet that 99 of them would not think it’s in San Francisco which is one of the reasons it got such high offers,” Compass realtor Michael Bellings said.

 ‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price
Credit: Aerial Canvas

The home’s outdoor space is what really brings out an adult treehouse vibe. There are direct paths from the house that connect you to a private backyard patio with a deck as well as a front porch.

 ‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price
Credit: Aerial Canvas

The large chef’s kitchen has blue tiled countertops, open wood shelves, a breakfast nook, and a dining room.

 ‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price
Credit: Aerial Canvas

There are 3 charming bedrooms, 2 bathrooms, and lots of space for entertaining.

 ‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price
Credit: Aerial Canvas

Views of San Francisco and the Golden Gate Bridge can be seen from nearly every corner of the house.

At the same time, you’re very secluded and hidden from street view, according to the listing.

 ‘Treehouse in the sky’: San Francisco home sells for $2 million over asking price
Credit: Aerial Canvas

“We were blown away by the offers and the final price,” said Aaron Bellings, Compass realtor. “It was already one of the highest price per square foot homes in Cole Valley, and this sale just set the new high watermark.”

Article source: https://www.kron4.com/news/real-estate/treehouse-in-the-sky-san-francisco-home-sells-for-2-million-over-asking-price/

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2021 Mortgage and Housing Forecast | How We got Here | Bay Area Housing Market

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