Newsom proposes stimulus checks and rent relief with $75.7B state budget surplus

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Gov. Gavin Newsom announced at a press conference Monday that California is sitting on a $75.7 billion projected budget surplus, a stark difference from the $54.3 billion shortfall in May last year.

Accordingly, the governor proposed a $100 billion California Comeback Plan, utilizing another $26 billion in relief coming from the federal government. 

The first parts of this proposed plan include $600 stimulus checks to state households making up to $75,000, $2 billion in financial assistance with utility bills and paying off unpaid back rent to landlords that tenants have accumulated during the COVID-19 pandemic. 

“California’s not just coming back, California’s going to come roaring back,” Newsom said. 

The $600 dollar tax rebates would go to California households who earn up to $75,000 in gross income per year, according to Newsom. An additional $500 would go to families with kids. Overall, Newsom said, about 80 percent of California tax filers will receive a stimulus payment. He said the plan is the largest economic recovery package in California history. 

The move is a proposed expansion of the state’s existing Golden State Stimulus program, authorized in February, which has focused on sending $600 payments to Californians who earn less than $30,000 a year.

On Tuesday, Newsom announced a $12 billion plan to take on the state’s homelessness crisis. The plan would involve a $8.75 billion into buying up at least 46,000 new homeless housing units and affordable apartments. The plan also aims to end family homelessness within five years, according to the press release, through a $3.5 billion investment in homeless prevention, housing and rental support.

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