SANTA BARBARA REAL ESTATE MARKET CONDITIONS

April 5, 2006

Slow Growth Momentum Continues

Santa Barbara County Board of Supervisors Delay Home Growth Plan

Detailed here is an excerpt of a Santa Barbara News Press front page headline article written April 5, 2006 titled “Santa Barbara County Board of Supervisors Delay Home Growth Plan”

Santa Barbara News Press reporter, Barney McManigal writes “Confronted by fiery opponents of high-density housing mandated by the state, the Santa Barbara County Board of Supervisors, Tuesday [ 4/4/06 ] delayed a plan to make room for 1,240 new homes. Supervisors unanimously agreed to take more time to study the plan after the opponents unleashed a barrage of criticism that included the threat of possible legal challenges. The five person panel is expected to cast a final vote on May 9. Although many of the 70 people packing the hearing room spoke in favor of accepting the growth, the opposition seemed to overwhelm supervisors, who had previously enforced the housing element. The controversial plan, which the county began crafting in 2003, aims to provide homes for people of all income levels. But broad community opposition, especially in the Eastern Goleta Valley, has delayed its passage for more than two years.”