SACRAMENTO, Calif., Oct. 5 -- The California State Assembly Democratic Caucus issued the following news release:
AB 2181 prevents hypothetical density bonus projects from driving up ground lease costs for operating hotels and motels
SACRAMENTO, CA - Democratic Caucus Chair and Assemblymember Rick Chavez Zbur (D-Hollywood) announced today that Governor Gavin Newsom has signed AB 2181, legislation protecting hospitality jobs by ensuring property valuations for operating hotels and motels reflect realistic development conditions rather than hypothetical development scenarios. Sponsored by UNITE HERE International and UNITE HERE Local 11, AB 2181 addresses a growing concern for hotels operating under long-term ground leases. When lease paymen...