California AB698 requires cities to analyze the impact of transfer taxes on real property sales on housing production.

AB698 mandates that before a city adopts a transfer tax on real property sales, its legislative body must develop and post an analysis on its website. This analysis must examine the tax's effect on affordable housing production, market-rate housing units, and property values. The bill emphasizes that housing provision is a statewide concern, not a municipal affair, and applies to all cities, including charter cities.

California AB698 requires cities to analyze the impact of transfer taxes on real property sales on housing production.

AB698 mandates that before a city adopts a transfer tax on real property sales, its legislative body must develop and post an analysis on its website. This analysis must examine the tax's effect on affordable housing production, market-rate housing units, and property values. The bill emphasizes that housing provision is a statewide concern, not a municipal affair, and applies to all cities, including charter cities.