The Legislature finds and declares all of the following:
(a) California faces a housing shortage both acute and chronic, particularly in areas with access to robust public transit infrastructure.
(b) Creating ownership opportunities can be an effective long-term strategy for building wealth and can create a path to financial security.
(c) Building more homes near transit access reduces housing and transportation costs for California families, and promotes environmental sustainability, economic growth, and reduced traffic congestion.
(d) Public transit systems require sustainable funding to provide reliable service, especially in areas experiencing increased density and ridership. The state does not invest in public transit service to the same degree as it does in roads, and the state funds a smaller proportion of the state’s major transit agencies’ operations costs than other states with comparable systems. Transit systems in other countries derive significant revenue from transit-oriented development at and near their stations.