CA SR71

California's homeownership rate of 56% ranks 49th nationally, compared to the national rate of 67%, with significant racial disparities: Latinx households are one-third less likely and Black households nearly half as likely to own homes as White households

Only 18% of California households could afford the median-priced home in 2024, and the state had a housing shortfall of nearly 900,000 units in 2021

The Senate recognizes affordable homeownership as vital for economic stability, generational wealth building, racial and economic equity, and reducing the racial wealth gap

Nonprofit homebuilders using self-help models (such as Habitat for Humanity) preserve long-term affordability through deed restrictions, resale covenants, and shared equity mechanisms

The resolution directs the Secretary of the Senate to transmit copies to the Governor, Assembly Speaker, and housing officials to underscore commitment to increasing supply of affordable homes for purchase