CA SB584

Enacts the Laborforce Housing Financing Act of 2023, establishing the Laborforce Housing Fund in the State Treasury to finance public and nonprofit affordable housing projects requiring prevailing wage or skilled workforce standards.

Imposes a 15% tax on short-term rental occupancies beginning January 1, 2025, with short-term rental facilitators or operators collecting the tax based on rental price, with de minimis exemption for operators earning less than $100,000 annually.

Directs all tax revenues, minus CDTFA administration and collection costs, to the Laborforce Housing Fund, with at least 65% allocated to new construction, up to 30% for acquisition and rehabilitation, and up to 5% for operations and local programs.

Defines "laborforce housing" as permanently deed-restricted affordable units owned by public entities, local housing authorities, or mission-driven nonprofits, with tenant protections including just-cause eviction, income-based rent limits (3% or 6% CPI annually), and resident participation rights.

Designates this as an urgency statute taking effect immediately to address California's affordable housing crisis.