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Auggie

(31,128 posts)
Sat Mar 2, 2024, 11:12 AM Mar 2

California lawmakers want to crack down on corporate ownership of single-family homes [View all]

California Democrats are zeroing in on a fat new target they say is to blame for the housing affordability crisis: Wall Street.

In 2021, 1 in 7 single-family homes was bought by a corporate investor, as deep-pocketed buyers outbid families trying to achieve the American dream of homeownership, which is key to building wealth.

A spike in corporate ownership of single-family homes is happening in pockets around the country, particularly in the Sun Belt, and is one of many factors contributing to record low homeownership among Black people, Latinos and young adults.

It could get worse. An estimated 40% of single-family homes in the country could be owned by financial institutions by 2030, according to a study by industry analyst YardMatrix.

Link (paywall): https://www.sfchronicle.com/politics/article/corporate-landlords-california-housing-18689042.php

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This story originates from California media, but as the above excerpt states, corporate ownership of single-family homes is far greater in the part of the U.S. referred to as The Sun Belt.

California legislators acknowledged that the problem hasn’t peaked in the Golden State -- those who have introduced bills said they’re trying to intercept efforts before it becomes problematic.

Nationally, Democratic Senate candidates Adam Schiff and Katie Porter (California) have both proposed plans that penalize financial institutions.

At least corporate ownership is on the radar in California, and the state is taking proactive steps to control and/or limit it. Don't know about Arizona, Texas, Florida, Georgia, etc.

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About Damn Time. dalton99a Mar 2 #1
Monopolization is the trend without force of law preventing it. David__77 Mar 2 #2
I applaud this nationwide if possible Johnny2X2X Mar 2 #3
Yes. I think some don't understand that buying a house is the best way to have long term financial health. jimfields33 Mar 2 #4
Interest rates Johnny2X2X Mar 2 #5
So true. It's never easy to save but a lot give up quickly. You do not need every new gadget they put out. jimfields33 Mar 2 #6
Education on personal finance Johnny2X2X Mar 2 #8
I definitely agree. I had an uncle who taught me. I'm thankful. jimfields33 Mar 2 #9
You're probably a multi millionaire by now. Johnny2X2X Mar 2 #10
My parents were careful with money and taught me to save certain amount each month and not carry kimbutgar Mar 2 #12
+1,000,000 Auggie Mar 2 #25
Isn't that the truth! Basic LA Mar 2 #28
Paying cash for cars is smart, not extreme Johnny2X2X Mar 2 #29
I did that with my house, too. Basic LA Mar 2 #34
Agree Rebl2 Mar 2 #7
Monthly payment is only a piece of the costs MichMan Mar 2 #20
Still cheaper for a lot of people right now. Johnny2X2X Mar 2 #23
My sister and I inherited 2 homes and I get letters all the time from corporations offering to buy them kimbutgar Mar 2 #11
Agree Mollyann Mar 2 #16
K & R jalan48 Mar 2 #13
Someone called me a couple of days ago asking if we were interested in selling our home ms liberty Mar 2 #14
Corp ownership also robs CA of property tax dollars thanks to Prop. 13. SunSeeker Mar 2 #15
So what are CA lawmakers waiting for? Dems control both houses and the governor's office. HeartachesNhangovers Mar 2 #17
There's no limit to the avarice. limbicnuminousity Mar 2 #18
What they're doing with trailer parks is criminal Johnny2X2X Mar 2 #19
A capital gains tax of 50% on home sales would take care of the issue. MichMan Mar 2 #21
Maybe at the federal level, but CA is constrained by Prop 13 DBoon Mar 2 #32
Good luck to them in getting meaningful laws passed, and to Schiff & Porter Hekate Mar 2 #22
This is a huge problem in GA. Dulcinea Mar 2 #24
Well, I read an article that Corporations owning single family homes were reassessing the value of investing in SWBTATTReg Mar 2 #26
Single-family houses as rentals. Basic LA Mar 2 #27
I hate them when they call. LiberalFighter Mar 2 #30
and, once bought, the coporate owners take full advantage of Prop 13 tax limits DBoon Mar 2 #31
Jeff Merkley (OR) is promoting similar proposals jmbar2 Mar 2 #33
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