Mayor Eric Garcetti joined state elected officials Wednesday to show his support for the Bring California Home Act which seeks to create affordable apartments and rental assistance through money generated by closing corporate tax loopholes.

According to Assemblywoman Luz Rivas, D-Los Angeles, the bill would create $2.4 billion annually by restoring historic tax rates for corporations that make $5 million or more in profits. The money would allow the state to create affordable housing and rental assistance for 28,000 people a year who are at risk of being homeless, provide safe shelter for 25,000 people and families, provide permanent housing for 43,000 people and give additional services to 50,000 people.

“By restoring the corporate tax level to the 1980 level for the largest multinational corporations and closing international tax loopholes, it is a just way and a pro-business way to make sure that we help all of us have a better state,” Garcetti said.

He said he believed the money will go to efforts that are proven to work in California.

“We know that these things work, we can take a dollar and leverage it five-fold when it comes to permanent supportive housing, we can take city-owned properties and get shelters up more quickly, and now in a matter of six months, we can have 70 permanent shelters that change lives,” Garcetti said.

“But we need to sustain investment and that’s what Bring California Home is all about. AB 71 will have this predictable, dedicated, permanent stream of funding of $2.4 billion.”

Garcetti added that he hoped the funds would mean Los Angeles has a future where there are not people living on the streets, and people will look back and wonder how past Angelenos lived that way.

Garcetti also said that the bill was “thoughtfully done” to ensure that it will not drive businesses out of California.

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