Investors in San Diego downtown real estate may be pleasantly pleased to find that representatives in Congress are hoping to address some of the major issues being faced in California. Residents from the downtown area understand that traffic is horrendous, and is only made worse by the crumbling infrastructure. Another reason investors may be hesitant to invest in the area is the wildfires experienced during 2020.
San Diego County could stand to benefit from at least a dozen projects if the House of Representatives pass the INVEST in America Act, a $715 billion spending bill that would fund infrastructure and water improvements, as well as boost funding for childcare, education, and elder services. Multiple versions of the spending package are being considered, including a $1 trillion package being drawn up by a bipartisan group of senators, and a bill that involves $3.5 trillion more to fight climate change, preserve the child tax credit, and expand healthcare.
Representative Scott Peters of San Diego introduced a bill in March called the POWER ON Act, which would update energy policies, expanding interstate power transmission to allow wind farms in central states to sell energy to states like California. One month later, he submitted the REPAIR Act, which would create a private bank for private investments in public infrastructure. He hopes both of the bills will be included in the infrastructure package.
Another area of concern for representatives in California is how hot and dry the state has become over the past decade. Peters expects that the 2020 wildfires were not deviations from the norm, but, instead, the new norm. Representative Juan Vargas, also of San Diego, wants to include fire safety and protection measures in the bill that would modernize utilities, prevent risk of fire, and possibly a new fire station in the backcountry.
Lastly, representatives from San Diego are fighting to strengthen human infrastructure not only in that state, but across the country. Representative Sara Jacobs hopes that the federal government will invest more in the care economy. This would include $500,000 for an outdoor children’s area and homework center at Linda Vista Branch Library, disabled access improvements at Bolboa Park Starlight Bowl, and a $1 million allocation to help small businesses cover the cost of expanding healthcare. Representatives are clearly interested in investing in downtown San Diego, which may attract more private investors in the future.