Gov. Gavin Newsom has vetoed a bill that would have fast-tracked the conversion of empty office buildings to residential or mixed-use in city centers.
The bill, known as AB 3068, would have mandated by-right approval for adaptive reuse projects that dedicated at least half of the square footage of the projects to residential uses, creating a streamlined ministerial review process that bypassed environmental reviews and approvals of zoning changes by city officials.
"While I strongly support efforts to address California's housing crisis by promoting adaptive reuse projects, this bill raises several concerns," Newsom wrote in his veto message.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
