By Steve Williams
California’s housing crisis is now decades in the making. With affordability out of reach for many and new construction lagging far behind demand, state leaders are understandably under pressure to try something — anything — that might work. Enter SB 750, the California Residential Mortgage Insurance Act, authored by State Senator Dave Cortese (D). This proposal would create a state-backed loan insurance program for multifamily housing, administered by the California Housing Finance Agency (CalHFA). Developers would pay premiums, capped at 2 percent, to insure their construction and permanent loans, with the goal of unlocking capital and incentivizing new housing production.
As someone with experience in both business and public policy, notably in real estate development and land use consulting, I understand the urgent need for…
