What is SB9 ?
Senate Bill 9 (SB9) is a new housing law in California that has generated a lot of buzz since its passage in September 2021. The bill aims to address California’s housing crisis by allowing homeowners to build up to two additional units on their residential lots, regardless of local zoning laws. This means that single-family homes can now be converted into triplexes or fourplexes, and property owners can also build accessory dwelling units (ADUs) on their lots.
For homeowners and investors, SB9 presents a unique opportunity to create more housing units and generate additional income. By building additional units on their properties, homeowners can rent them out or use them for family members. This can provide a steady stream of passive income, helping to offset the cost of homeownership.
Additionally, the increased supply of housing units created by SB9 can help to alleviate California’s housing crisis. With the state’s population growing faster than its housing supply, there is a severe shortage of affordable housing options. By building more units, homeowners and investors can contribute to the solution.
SB9 is also a good option for investors who are looking to get into the real estate market. With the increased demand for housing in California, real estate is a lucrative investment opportunity. Building additional units on properties can provide a significant return on investment, particularly in areas where housing demand is high.
However, it’s important to note that there may be challenges to implementing SB9. For example, homeowners may face opposition from neighbors who are concerned about increased density in their neighborhoods. Additionally, building additional units on properties can be costly, and homeowners may need to obtain financing to cover the costs of construction.
Despite these challenges, SB9 presents a unique opportunity for homeowners and investors to contribute to the solution of California’s housing crisis while also generating additional income. With the increased supply of housing units, the bill can help to create more affordable housing options and provide a boost to the local economy. For those who are interested in taking advantage of SB9, it’s important to do your research, consult with a real estate professional, and carefully consider the costs and benefits before moving forward with construction.