California ADU Permits Are Up Sharply Since 2018, but Owners Report Financing Hurdles

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Wall Street Investor News Commentary - California has been permitting more backyard homes every year since 2018. Annual progress report data that ...

LAS VEGAS, Nov. 11, 2026 (GLOBE NEWSWIRE) — Wall Street Investor News Commentary - California has been permitting more backyard homes every year since 2018. Annual progress report data that California cities and counties file with the state Department of Housing and Community Development show building permits issued for about 9,000 accessory dwelling units (ADUs) in 2018 and roughly 42,000 in 2025, according to one count of data reported to the California Department of Housing and Community Development. An alternate count that removes duplicate records puts 2025 nearer 32,000. Paying for them has been harder.

In the same survey, 73% of respondents said they paid for the ADU by refinancing their primary residence and 50% said they used cash savings. A 2022 paper from the Terner Center for Housing Innovation and the USC Lusk Center for Real Estate, citing a 2021 UC Berkeley survey of more than 800 California homeowners who built a permitted ADU, found that most used, at least in part, cash or other liquid assets, and identified second lien loans as the most common financing method among owners who had built.

BOXABL points to a structural issue. Traditional mortgage programs are often built around site-built construction, and they may not fit ADUs, land purchases, site preparation or the stages of factory production and installation, according to BOXABL.

BOXABL Inc. (Nasdaq: BXBL) has announced that it signed a nonbinding letter of intent to form a mortgage lending joint venture with Warp Speed Holdings, which BOXABL describes as an established institutional lending partner with experience in mortgage origination, construction financing, capital markets and portfolio lending and more than $2 billion in assets under management across its businesses and affiliates.

The proposed venture would build financing into BOXABL’s purchase process, which the company describes as part of its vertical integration strategy.

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