Resolution criteria

This market will resolve to "Yes" if California Assembly Bill 253 (AB 253) is enacted into law by December 31, 2026. Enactment occurs when the bill is passed by both the California State Assembly and Senate and is signed by the Governor. If the bill fails to pass either chamber, is vetoed without an override, or is not signed into law by the specified date, the market will resolve to "No."

Background

AB 253, known as the California Residential Private Permitting Review Act, aims to streamline the permitting process for residential construction projects. The bill proposes allowing developers and homeowners to hire licensed third-party professionals to expedite the review of building permit applications if local building departments cannot complete the review within 30 days. This initiative seeks to address delays in the permitting process that can hinder housing development in California. Source

Considerations

As of April 23, 2025, AB 253 has passed the California Assembly and is under consideration in the State Senate, having been re-referred to the Senate Committees on Local Government and Housing. The bill's final passage and enactment depend on approval by the Senate and the Governor's signature. Source