California Spends $6.5 Billion on Homeowner Subsidies, 15 Times Less on Renters

A new report from the California Housing Partnership "revealed a wide gap between state support for homeowners and renters."

1 minute read

March 12, 2018, 9:00 AM PDT

By Katharine Jose

belboo / Flickr

In the middle of a housing crisis, a nonprofit in California reports that while state property tax deductions add up to $6.5 billion for homeowners, "[s]tate support for renters, however, was limited to a couple hundred million dollars for a $60 annual tax credit for low-income renters and state tax credits for developers to help finance low-income rental projects."

And while subsidies for renters are going to double in 2019, spending on homeowners will also increase. The result is "that next year, the state will spend $929 per household on homeowner subsidies compared to $71 per renter household."

FULL STORY: California homeowners receive $6 billion a year in subsidies — 15 times more than renters, report finds

Tuesday, March 6, 2018 in Los Angeles Times

Community / Economic Development Government / Politics Housing Land Use Urban Development United States California Homeownership Renters Homelessness Housing Crisis California Housing Shortage Affordable Housing Property Tax Tax Deductions Tax Code Low Income Housing Low Income Housing Tax Credit View More

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