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If you’re eager to discover a game-changing bill that can maximize your home’s value and equity, you’ve come to the right place. Today, we’ll delve into the intricacies of SB 9, breaking down what it is, its requirements, who stands to benefit, and where its application is restricted.
SB 9 comprises two pivotal components: the urban lot split and the two-unit development. Under the urban lot split provision, homeowners with single-family residences in urban zoning can divide their lots into two, allowing for two single-family residences on each lot. This innovation transforms one home into a potential four, sparking creativity and opportunities for homeowners and investors alike.
To qualify for SB 9, the lot split must maintain a balance close to 60-40, ensuring even division. Compliance with California state requirements is essential. Furthermore, the property owner must reside in one of the units for a minimum of three years, emphasizing a commitment to long-term investment.
SB 9 is a boon for homeowners seeking to maximize their equity and generate passive income. It enables homeowners to split lots, create additional homes, and secure future income streams. However, it doesn’t favor short-term investors looking for quick flips or builders aiming for large-scale projects.
One of SB 9’s key advantages is its positive impact on renters. By increasing rental inventory, it offers more choices to renters and potential buyers, addressing housing shortages and bottlenecks.
SB 9 isn’t applicable in high-risk areas such as fire hazard zones or flood zones. Additionally, it’s off-limits in neighborhoods or cities deemed historical landmarks or protected communities.
Now that you have a foundational understanding of SB 9, you might be wondering if it’s the right move for you or someone you know. If curiosity is piqued or questions arise, feel free to reach out. We’re here to help you align SB 9 with your long-term real estate goals.
