Housing Development

HOUSING DEVELOPMENT. INITIATIVE CONSTITUTIONAL AMENDMENT. Prohibits laws creating moratorium or numerical limitations on residential construction; invalidates existing laws creating such moratoriums or numerical limitations. Prohibits governmental entities adopting dwelling density limitations for single family, duplex, multiple, and mobilehome units below specified amounts; requires zoning reasonable amount of available land for each such use. Requires all developmental approvals for residential construction be issued or denied within 120 days. Requires establishment of state fund from General Obligation Bonds for use in building additional facilities required by residential construction. Provides for bond elections for this purpose. Limits applicability in coastal zone and Tahoe. Fiscal impact on state and local governments: The measure requires that the cost of additional sewer or water facilities, streets, curbs, gutters, sidewalks, or other works of capital improvement required for the reasonable use of the residential construction or subdivision be paid from the California Housing Development Fund ; and that the Legislature set an election at the next available date for approval of the issuance of bonds to establish this fund; and set such subsequent bond approval elections as necessary to replenish this fund. If the bonds are approved, state costs could be increased by $700 million per year to finance the capital improvements, plus, at an 8% interest rate, an estimated $588 million over a 20 year period in interest. State and local bond interest costs on other bond issues would be increased an unknown amount if the sale of these bonds results in higher interest rates