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California State Senate approves real estate transaction fee to fund more affordable housing

The California State Senate on Thursday approved a new fee on real estate transactions that lawmakers said could generate as much as $300 million in funding to build more affordable housing statewide. The bill passed 27-12 and now heads to the state Assembly. As it is written now, it would impose a $75 fee on real estate transaction related documents like deeds a notices, with a $225 cap. It would not apply to commercial or residential transactions but would be required for other real estate deals…

Article by Riley McDermid (c) San Francisco Business News - Local San Francisco News | The San Francisco Business Times - Read full story here.