Senator Dave Cortese’s Innovative Legislation to Increase the State’s Housing Supply Faster Passes the Assembly Judiciary Committee

SACRAMENTO – Senator Dave Cortese’s housing legislation that would change the structure of housing finance in California by using the state’s credit to increase the housing supply faster today passed the Assembly Judiciary Committee and now heads to Assembly Appropriations.

Senate Bill 750 (The California Finance and Credit Act) is part of a two-bill package that includes a 2026 constitutional amendment, which will apply the “full faith and credit of the State of California” to loans and municipal bonds for housing construction.

The bill essentially allows credit strapped private investors to unlock hundreds of thousands of shovel-ready homes now stuck in limbo by using the full faith and credit of the state to back the financing for the housing projects.

“Cities throughout California cannot solve this housing and homeless crisis alone. So we are going to the voters asking them to change the constitution to empower the state to use its good credit to help solve this problem for the first time in the state’s history,” said Senator Dave Cortese.

Developers and housing advocates throughout California support Senator Cortese’s bill.

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