ADUs are not a magic bullet that will solve affordable housing on their own, but they are an essential tool.Capital Gazette
August 2021: ADUs are gaining in popularity. A Wall Street Journal article says they may even allow you to convert your garage into a new rental opportunity. A real estate agent in San Diego converted a detached one-car garage into a $2,000 per month source of income. Yes, it will take time for the new rental property reach the breakeven point … but a savvy accountant can potentially show you how to leverage tax laws to your favor.
July 2021: Oregon lawmakers approved more than $700 million to help ease the state’s housing crunch. ADU legislation passed includes devoting one million dollars on a pilot program that will build ADUs for homeowners who qualify and allowing the construction of ADUs in rural residential zones within the state. Find out more about Oregon ADUs and SB391 here: Oregon ADU Law.
July 2021: California A.B. 561 would create the Help Homeowners Add New Housing Program to encourage the building and financing of ADUs in the state. CalHFA and HCD would clear a path for lenders to provide loans for ADU construction.
June 2021: Elon Musk, founder of Tesla and SpaceX (and other companies) is wealthy beyond comprehension. He is also one of the world’s most forward-looking thinkers. So, where does Elon Musk choose to live? You guessed it: Musk lives in an ADU. Check this TinyHouseTalk article for the scoop.
June 2021: Want to get paid to build an ADU in your backyard? Move to Charleston, South Carolina. Not only do local laws permit ADUs, but the City of Charleston will help ten homeowners build their ADUs by investing $200,000 in ADU construction.