Committee Approves Job Creation Bill
California Political Desk
February 11, 2010
SACRAMENTO – Yesterday, the Senate Committee on Transportation and Housing approved the first of several bills to help jumpstart California´s economy and create thousands of new jobs. On a 6-0 vote, the committee approved legislation authored by Senator Leland Yee (D-San Francisco/San Mateo) to create nearly 1,600 construction jobs for shovel-ready projects by accelerating up to $105 million in Proposition 1C housing bond funds.
"Last year, California hit an all-time low in residential construction," said Yee. "In fact, more than 70 percent of jobs associated with residential construction have been lost in just the past four years. This bill will help stimulate the economy and bring good-paying jobs for California families."
Under Yee´s proposal, $15 million would be used for grants and loans for brownfield cleanup that promotes housing and mixed-use development in infill areas; up to $60 million in loans for non-profit and private home builders to construct, rehabilitate, or persevere affordable housing for low-income households; $25 million in grants to build and upgrade parks for local governments that invest in or approve affordable housing; and $5 million in grants for local governments to provide down-payment assistance to low- and moderate-income first-time homebuyers.
"This legislation will spur critical environmental cleanup as well as provide affordable housing and parks for those most in need," said Yee. "As part of an overall jobs package, SBx8 28 will help bring down our record unemployment rate and jumpstart our economy."
SBx8 28 is part of a comprehensive bill package introduced by Senate Democrats to invest existing state and federal funds for targeted projects, expand jobs in the new economy, prepare Californians for jobs in growth industries, and provide working families with sorely needed relief.
The bill package proposes to create 140,000 jobs without raising taxes or waiving any environmental, consumer, or workplace protection laws. Further, all of the bills need only a majority vote for approval.
The California Research Bureau has concluded that a jobs package which creates 100,000 jobs creates $6.7 billion in economic activity per year, saves the General Fund approximately $2.3 billion in increased revenue and avoided costs, and results in a net increase in employment of approximately 300,000 jobs- reducing unemployment by 275,000.
SBx8 28 will be considered tomorrow by the Appropriations Committee before heading to the Senate floor.
"Last year, California hit an all-time low in residential construction," said Yee. "In fact, more than 70 percent of jobs associated with residential construction have been lost in just the past four years. This bill will help stimulate the economy and bring good-paying jobs for California families."
Under Yee´s proposal, $15 million would be used for grants and loans for brownfield cleanup that promotes housing and mixed-use development in infill areas; up to $60 million in loans for non-profit and private home builders to construct, rehabilitate, or persevere affordable housing for low-income households; $25 million in grants to build and upgrade parks for local governments that invest in or approve affordable housing; and $5 million in grants for local governments to provide down-payment assistance to low- and moderate-income first-time homebuyers.
"This legislation will spur critical environmental cleanup as well as provide affordable housing and parks for those most in need," said Yee. "As part of an overall jobs package, SBx8 28 will help bring down our record unemployment rate and jumpstart our economy."
SBx8 28 is part of a comprehensive bill package introduced by Senate Democrats to invest existing state and federal funds for targeted projects, expand jobs in the new economy, prepare Californians for jobs in growth industries, and provide working families with sorely needed relief.
The bill package proposes to create 140,000 jobs without raising taxes or waiving any environmental, consumer, or workplace protection laws. Further, all of the bills need only a majority vote for approval.
The California Research Bureau has concluded that a jobs package which creates 100,000 jobs creates $6.7 billion in economic activity per year, saves the General Fund approximately $2.3 billion in increased revenue and avoided costs, and results in a net increase in employment of approximately 300,000 jobs- reducing unemployment by 275,000.
SBx8 28 will be considered tomorrow by the Appropriations Committee before heading to the Senate floor.
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