2018 Legislative Session (Week 5)
LOUISIANA REALTORS • April 13, 2018
Updates from Bills discussed in Week 4
SENATE BILL NO. 462, SENATOR DANNY MARTINY – INCLUSIONARY ZONING
Currently, Louisiana allows municipalities and parishes to pass inclusionary zoning ordinances to promote the development of affordable housing. Inclusionary zoning requires housing developers to sell or rent a proportion of their units below market rate, regardless of the economics of a project or whether the developer receives just compensation. Senate Bill 462 would instead allow municipalities and parishes to offer VOLUNTARY economic incentive policies to promote the development of affordable housing.
This bill passed the Senate and now heads to the House Committee on Municipal, Parochial and Cultural Affairs. Louisiana REALTORS® will be putting out a call to action Monday, April 16 for constituents of members of the House Committee on Municipal, Parochial and Cultural Affairs to ask their representatives to vote yes on this important bill.
REGULATION OF BOARDS AND COMMISSIONS
Several bills are going through the legislature to modify how boards and commissions operate. Some of these bills would have an impact on real estate licensees and LR is continuing to work with the authors of these bills. To date, we have successfully convinced the authors of these bills to make some changes that benefit not only the real estate industry but others as well.
SENATE BILL NO. 466, SENATOR ED PRICE, CHANGES TO SECURITY DEPOSITS FOR RESIDENTIAL LEASES
This bill proposed a law change on security deposits for residential leases and potentially placed many additional burdens on residential lessors.
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Louisiana REALTORS® was opposed to certain components of the bill as it was initially filed. However, after amendments were put on the bill it now only provides that a tenant would have the right to recover the greater of either the amount of the portion of any security deposit wrongfully withheld or any portion of the security deposit wrongfully withheld plus $300.
These amendments significantly altered the bill and removed not only Louisiana REALTORS® opposition but also the opposition of the Apartment Association of Louisiana.
Louisiana REALTORS® CEO Norman Morris issued the following statement after SpaceX announced plans to invest $100 billion in a new launch facility in Vermilion Parish. The project is expected to create 3,000 direct jobs and more than 8,100 indirect jobs across Acadiana. “SpaceX’s investment is an extraordinary economic win for Louisiana. We congratulate Governor Jeff Landry, Louisiana Economic Development Secretary Susan Bourgeois, Vermilion Parish leaders, and everyone who helped bring this historic project home. The housing and infrastructure improvements needed to support more than 11,000 new job opportunities should generate a huge economic boost to the Acadiana and Gulf Coast region. According to the National Association of REALTORS®, each typical Louisiana home sale generates approximately $88,600 in economic activity. Even if only half of the new SpaceX related jobs lead to a home purchase, the impact would generate nearly half a billion dollars across our state's economy. That improves our tax base and school systems, and ripples through our economy touching builders, bankers, hardware stores, appliance dealers, contractors and so many more. “Housing is not downstream of economic development; it is an essential infrastructure. Louisiana REALTORS® and our partners stand ready to help turn these new jobs into homes, stronger communities and lasting roots in Louisiana. Economic development creates jobs, but housing turns those jobs into homes. Let’s make Louisiana home again, together.” Economic-impact estimates are illustrative calculations by Louisiana REALTORS® using employment projections from Louisiana Economic Development and the National Association of REALTORS®’ estimated economic impact per typical Louisiana home sale. They are not forecasts or recurring annual-impact figures. Enjoy the video below from the Louisiana Department of Economic Development .
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