Governor Newsom Outlines California Budget Plans – Additional Rental Relief Announced

Industry News,

Governor Gavin Newsom and state leaders announced a $100 Billion economic recovery relief plan that will provide one-time stimulus checks, rent and utility relief for more Californians called the “California Comeback Plan.”

Governor Newsom held a press conference in Oakland today to announce his planned recovery package for the state budget (the so-called “May Revise” of the budget). In order to receive the additional aid, the Governor made clear that that Californians first NEED to file their income taxes.

State Assembly Member Phil Ting, the Chairperson of the Assembly Budget Committee, along with State Senator Nancy Skinner, the Chairperson of the Senate Budget Committee and Governor Newsom provided the following details:

  • California has a $75.7 Billion dollar budget surplus. The state had predicted a $54.3 billion shortfall last year.
  • An additional $26 Billion will be forthcoming from the Federal Government.
  • The very first budget revise is to provide immediate relief to millions of California taxpayers, including in the form of a $12 Billion tax rebate to Californians earning up to $75,000, which is about two-thirds of all Californians. Individuals can anticipate payments of $600 as part of the plan.
  • The Governor also announced a plan to double the amount of rental assistance available to cover 100% of rental debt estimated to be approximately $5.2 Billion.
  • In addition, the Governor announced $2.0 Billion to be available for direct relief to pay utilities obligations. Governor Newsom stated that Newsom said $1.0 Billion of that amount is expected to be set aside to address state’s water crisis.
  • The Governor said more of the state’s comeback plan would be revealed throughout the week, including funding for schools to bring all students back by next fall.

The Apartment Association of Greater Los Angeles promotes the highest levels of professionalism within the rental housing industry.

We do this by offering a wide array of educational seminars and member events throughout each year, by providing expert operational advice available daily, and by supplying and maintaining virtually every conceivable agreement form and notice rental housing providers require to successfully own and manage rental properties. We also serve as a powerful advocate and lobbyist for rental housing providers at the local, county, state and federal levels of government. Owning and operating rental housing has become a highly regulated industry, and accordingly, owning and managing rental property has become far more challenging and riskier than ever before. Without an Association such as ours, there would be no other voice fighting for the rights of property owners within our city halls, county offices, and at the state and federal capitols. WE ARE THE VOICE THAT AFFECTS CHANGE!
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