California's home builders say they've realized their top legislative priority for 2008 with the signing of a bill allowing them to extend their subdivision maps. While that may sound arcane, it gives subdivisions already approved by cities an extra year before expiring.
It takes effect immediately. What it means is builders who got approvals and then saw the market slow their timeframe won't have to spend money to their projects reauthorized.
Gov. Schwarzenegger signed the bill, SB11285 carried by Sen. Alan Lowenthal, D-Long Beach, late Tuesday, the CBIA said. Similar legislation passed during the 1990s housing downturn.
It takes effect immediately. What it means is builders who got approvals and then saw the market slow their timeframe won't have to spend money to their projects reauthorized.
Gov. Schwarzenegger signed the bill, SB11285 carried by Sen. Alan Lowenthal, D-Long Beach, late Tuesday, the CBIA said. Similar legislation passed during the 1990s housing downturn.
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