Recently, PSAR members met with California State Senator Brian Jones, who has represented the 40th Senate District since 2018. He is currently serving as Senate Minority Leader.
The major topic discussed at the meeting with Jones is the housing shortage. High home prices and mortgage rates have created a chilling effect on the housing market, frustrating aspiring first-time buyers and homeowners looking to move. Adding to the misery, the low housing supply has kept prices up, even as elevated borrowing fees bite into purchasing power and affect affordability.
Also, prospective sellers are deterred over concerns about the mortgage rate they would incur with their next home, creating a “lock-in effect” that constrains the market. The lock-in effect occurs when homeowners who secured ultra-cheap mortgages when interest rates were low now feel trapped in their current property and reluctant to relocate, thus, limiting the number of existing homes available for sale.
Sen. Jones told PSAR members he believes there are ways to increase the inventory of single-family homes to first-time buyers by making it easier for older homeowners looking to downsize.
In addition, PSAR members heard Jones's request for the Association’s assistance with researching San Diego County homeowners, ages 55 and older, who might be interested in downsizing.
Jones said he believes more homeowners would be receptive to relocating to smaller homes, giving more options to first-time buyers, if benefits were available that still offered attractive living amenities.
One idea is to examine the incentives currently available for subsidized rentals and then apply those same incentives toward the creation of entry-level ownership housing. Another idea is to make it easier for developers to build entry-level homes by offering the same programs that benefit for-profit and non-profit builders of rental housing.
Overall, PSAR members described the meeting with Jones as “productive” and “enlightening.” PSAR members thanked the Senator for his continued partnership in looking for solutions to the housing shortage.
The 40th California State Senate District includes more than 1 million residents of East and North San Diego County. The 40th Senate District includes the cities of Escondido, Poway, San Marcos, Santee and San Diego City communities of Carmel Mountain Ranch, Mira Mesa, Rancho Bernardo, Rancho Peñasquitos, Scripps Ranch, Sorrento Valley and University City, along with the San Diego County unincorporated communities of 4S Ranch, Alpine, Bonsall, Fallbrook, Lakeside, Pine Valley, Rainbow, Ramona and Valley Center.
Jones grew up in the 40th District. He attended Santee Elementary, Cajon Park Middle School, and Santana High School, and earned a bachelor’s degree in business administration. Jones served eight years on the Santee City Council followed by three terms (2010-2016) in the State Assembly before his first election to the Senate in 2018. PSAR endorsed Jones in his 2022 reelection bid.