Assembly Bill 670, aimed at bolstering housing stability for low-income renters in California, took center stage during a recent meeting of the Assembly Housing and Community Development Committee. The bill seeks to address the growing threat posed by private equity firms and corporate investors targeting naturally occurring affordable housing (NOAH), which comprises nearly 60% of the state's affordable homes.

Assemblymember Quirk Silva, the bill's author, highlighted the alarming trend of rising rents and tenant displacement as these properties are increasingly demolished to make way for high-cost housing. "The loss of these naturally occurring affordable homes worsens California's housing crisis," she stated, emphasizing the urgent need for legislative action.

AB 670 proposes to allow local governments to count investments in preserving NOAH toward their housing element and annual progress reports. This change aims to incentivize local jurisdictions to prioritize the preservation of existing affordable units rather than solely focusing on new construction. The bill also mandates more robust reporting on housing demolitions, ensuring jurisdictions comply with replacement housing and relocation assistance requirements.

Supporters of the bill, including representatives from the Public Interest Advocates and Enterprise Community Partners, echoed the need for accountability in housing policies. "The acquisition and preservation of unsubsidized affordable housing is a proven model to prevent displacement and homelessness," said Emiliano Tonacio, a senior program officer with Enterprise Community Partners.

The committee's discussion also touched on the uneven enforcement of existing laws regarding housing demolitions and tenant protections. Anya Lawler from the Public Interest Law Project pointed out that many jurisdictions lack awareness of their obligations, leading to significant gaps in compliance.

The bill received strong support from various stakeholders, with no opposition voiced during the meeting. As the committee moved to a vote, members expressed their commitment to enhancing housing stability and preserving affordable housing options for California's low-income residents. The bill passed unanimously, marking a significant step forward in addressing the state's housing challenges.