Last year, we made the decision to close our funding round early following the passage of California Senate Bill 9. We acknowledged that this was a radical housing bill that would allow for the construction of up to four units onsix million single-family home properties. We have since dedicated our efforts to compiling multiple reports for realtors and homeowners, as well as reviewing city ordinances to understand how they plan to implement the bill. As expected, most cities have limited the utilization of the bill to its minimum standards, while some have gone beyond that. However, those cities are facing lawsuits from the state, and we don’t anticipate that they will win.
Our initial plan was to return sooner, but California has passed a flurry of housing bills, including AB 2011, AB 2097, SB 35, AB 2334, and many others. This has prompted us to focus on implementing these bills into our in-fill development map, which we’ve called the “Arbitrage Map.” This map identifies properties where you can increase the base density by two times, and we’ve already built an SB 9 map for the City of Los Angeles. We plan to launch the Arbitrage Map soon after.
Our goal is to eliminate the barriers created by complex zoning and housing bills and open up utilization to all types of developers, including homeowners. We have a network of third-party providers, including lenders, architects, general contractors, and civil engineers, to help take the next steps after understanding what can be built. We recognize that one year after the passage of SB 9, there have only been 53 permits approved for the entire state, and we believe that one reason for this is a lack of understanding about what is allowed. Therefore, we’re committed to educating all stakeholders and streamlining the process of understanding and utilizing these bills. This is a massive opportunity, and we’re eager to tackle it head-on. Join us as we complete our seed raise and work to make a difference in the housing market.