California Gov. Gavin Newsom (D) vetoed Monday a bill that sought to create a new financing tool to help property owners sell their damaged homes after a disaster.
The legislation (A.B. 797) would have allowed the Governor’s Office of Business and Economic Development and the California Infrastructure and Economic Development Bank to issue zero-interest tradeable securities that financial institutions could purchase and then allocate the funds to nonprofits that would buy, rebuild, and sell properties.
The bill passed the state senate 29-9 at the end of the session in September, and the assembly gave its final approval a few days ...
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