California Lawmakers Push Forward with $5 Per Square Foot Commercial Vacancy Tax Proposal

California State Senator Caroline Menjivar introduced Senate Bill 789 (SB-789) earlier this year, proposing what would be the state's first commercial vacancy tax. The controversial legislation aims to combat prolonged vacancies in commercial real estate while generating revenue for first-time homebuyer assistance programs. The bill, introduced on February 21, 2025, has been steadily moving through […]