A new law in California is building on the ADU movement, by allowing homeowners to “sell” their ADUs as condos. The law was one of dozens signed by Governor Gavin Newsom in early October to boost the state’s housing supply. This law will give homeowners an opportunity to create wealth from the sale of the ADU, and buyers the opportunity to own more affordable homes.

California Assemblyman Phil Ting of San Francisco drafted AB 1033 to increase homeownership in a state that has grown too expensive for most buyers. Cities must “opt in” to this plan for the law to apply, but for those that do, property owners will be able to sell their ADUs, separately from their primary homes, as condominiums...

That’s it for today. You’ll find a link to the LA Times article in the show notes at newsforinvestors.com. If you’d like to know more about how to buy and sell real estate, please sign up for a free RealWealth membership by clicking on the Join for Free button at our website. And please remember to subscribe to this podcast, and leave a review!

Thanks for listening!

Kathy Fettke

Links:

1 - https://www.latimes.com/california/story/2023-10-14/a-new-law-allows-homeowner-to-sell-adus-like-condos-boosting-homeownership-heres-how-ab-1033-works

2 - https://therealdeal.com/sanfrancisco/2023/10/16/newsom-signs-bills-to-spur-homebuilding-in-state/

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