US Supreme Court Victory for California Property Owners & Developers!

Real Estate News: Real Estate Investing Podcast

California property owners, developers and affordable housing advocates are scoring a big win from the US Supreme Court! The high court ruled that local “impact fees” imposed on newly constructed homes can be challenged in court. This is a significant win for property rights because these fees can add a substantial amount of money onto the price of a home. The case began with a lawsuit by George Sheetz in California’s El Dorado County. That’s in the foothills heading toward Lake Tahoe. Sheetz is a 72-year-old retiree who applied for a permit in 2016 to build an 18-hundred square foot manufactured home on a small lot that is zoned for residential use. The county then imposed a traffic mitigation fee or “impact fee” of $23,420... ...That’s it for this episode. You’ll find links to our source material in the show notes at newsforinvestors.com. I’d also like to invite you to attend our live RealWealth event in San Francisco on May 4th. We will be showcasing six property teams who provide rental properties in markets with strong job and population growth and are more affordable for investors. We will also be hosting a cocktail party in the evening so you can meet fellow investors and members of the RealWealth team. You’ll find information on tickets at newsforinvestors.com under the Connect tab and then Live Events. And please remember to become a member of RealWealth and subscribe to this podcast if you haven’t already! Thanks for listening! Kathy Links: 1 - https://therealdeal.com/la/2024/04/15/supreme-court-builders-can-challenge-california-impact-fees-2/ 2 - https://www.nahb.org/blog/2024/04/sheetz-ruling-supreme-court-impact-fees 3 - https://www.car.org/aboutus/mediacenter/newsreleases/2024-News-Releases/4qtr2023hai#:~:text=Fifteen%20percent%20of%20California%20households,percent%20in%20fourth%2Dquarter%202022.