California’s Housing Crisis: A New Law Takes Aim at Corporate Home Buying

California Takes Bold Step to Address Housing Crisis

Stemming the Tide of Corporate Home Buying: How AB 2584 Can Help

According to USAToday, California is taking a big step to solve its housing problem. The state assembly has passed a new law called AB 2584. This law says that corporations can’t buy more than 1,000 family homes and rent them out. This will help limits the number of homes that big companies can control.

The bill was introduced by Democratic Representative Alex Lee. wants to stop cooperatives from making a lot of money by buying homes and renting them out at high prices. Lee says that these Groups are making it harder for regular Americans to buy homes which is making the housing crisis worse. Vote in the assembly was mostly in favor of the bill with 48 members voting yes and 11 voting no.

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California’s Housing Crisis: A New Law Takes Aim at Corporate Home Buying (PHOTO: CalMatters)

A Step Forward in Addressing California’s Housing Crisis

The bill’s passage is a big step towards solving California’s housing problem. This problem got worse because big company are buying many homes and renting them out at high prices. Limiting how many single-family homes these companies can own and rent out the bill wants to make it easier for regular Americans to find affordable housing.

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