State Senator Scott Wiener has introduced SB 423 in 2023. The bill has two key provisions:
Removes the 2026-01-01 expiration of California Government Code 65913.4 from SB 35 (housing streamlining) and makes it permanent
For 10% affordable housing projects in localities that have not met their above-moderate income housing goals, removes a requirement to hire "skilled and trained" apprenticeship-graduated labor workforce, and replaces it with union-level "prevailing wage" guarantees.
This market will resolve to YES if SB 423 passes out of the State Senate by the legislative deadline of June 2, 2023 with the above two provisions largely intact (at the discretion of the market maker).
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SB 423 emerged out of its last committee. It keeps "skilled-and-trained" language for 10% affordable projects under these conditions:
Project is >85 feet tall
Must get at least 3 bids from qualifying subcontractors
My judgment as market maker is that SB 423 in its current form still keeps in the spirit, and I would resolve this market to YES if it passes in its current form.
https://twitter.com/FromBenC/status/1659281425286438912?t=c1QDZWE-rwJIqOT_xrsuhA&s=19