Some lawmakers seek to limit the impact of institutional investors — corporate landlords — on California housing.
Get the news that matters to all Californians. Start every week informed.Some of California’s most powerful lawmakers have taken aim at corporate landlords this legislative session. The precise impact and effect of institutional investors on California housing is hard to assess.The Legislature will consider at least three bills this year to keep so-called institutional investors from gobbling up too many of the state’s widely coveted single-family homes.
Ward’s bill uses Lee’s 1,000-property cut off, but also specifically calls out those trusts in his bill language. , according to an estimate by the Urban Institute, though the report’s authors concede that the “data and definitions are somewhat fuzzy.” The industry’s critics counter that nationwide figures mask clustering in particular regions — and within regions, in particular cities, or even neighborhoods. They also say that the industry is growing.
“That does not describe California at all,” said Laurie Goodman, an economist at the Urban Institute. affordable regions: the Inland Empire, the southern half of the San Joaquin Valley and the Sacramento suburbs. The county with the highest share of single family homes owned by big investors is Fresno at 5.9%, according to the California Research Bureau.
Defenders of the industry offer a counterpoint: So what? In places where home prices are out of reach for the average person, putting more single-family houses on the rental market gives more people the opportunity to enjoy some of the trappings of the American Dream — a yard, a garage, maybe a better school district — even if they can’t afford a down payment.
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