In summary: Gov. Gavin Newsom will propose regulating corporate landlords during his State of the State address Thursday, his office said. It’s a pivot toward populism for the governor.
Keeping up with your California representatives felt impossible before. Now you can watch them like a hawk: Sign up for My Legislator, your weekly, personalized report that tracks what your state representatives say and do.
Click Here to Subscribe to the California Political Review
In his final year in office, Gov. Gavin Newsom plans to go after large investors buying and owning California housing — in the same week that President Donald Trump also took rhetorical aim at Big Landlord.
It’s an unlikely meeting of the minds of two political foes who, in a race to head off the electorate’s concerns about affordability, have landed upon the same populist message: Blame Wall Street.
Newsom plans to say during his State of the State address to lawmakers on Thursday that he wants to work with them to regulate the practice of investors buying up large stocks of housing to rent out, forcing California residents to compete with them to afford buying a home, according to the governor’s office.
Proposals could include “enhanced state oversight and enforcement and potential changes to the state tax code,” according to the governor’s office.
“When housing is treated primarily as a corporate investment strategy, Californians feel the impact,” a source in the office said. “Prices go up, rents rise, and fewer people have a chance to buy a home.”
That sounds similar to a proposal Trump made on his social media platform Truth Social on Wednesday. The two previously closely aligned on policy related to clearing of homeless encampments.
“I am immediately taking steps to ban large institutional investors from buying more single-family homes,” the president wrote, sending stock prices of major publicly traded residential investment firms plummeting. He urged Congress to put the proposal into law and promised to unveil additional housing policy proposals at the World Economic Forum summit in Davos, Switzerland later this month.
Newsom is stopping short of calling for an outright ban on institutional investors’ ownership, though the source said he will seek to “curb” it with the goal of making home ownership more affordable for California residents.
In his final year in office, Gov. Gavin Newsom plans to go after large investors buying and owning California housing — “””””””””
Hey SLICK and your minions did you ever think that you and your idiots put so many regulations on property and force Socialist policies that the sellers are the middle class who cannot afford your stupid taxes and plans?
Geez, give back our property rights, and scuttle RHNA, and more then you will have people willing to take the chance of ownership.
Stupid is as Stupid does.
(and you vote for them)
More bullshit from the lying king of CA. Who encouraged those big builders? Who gave them legal breaks? AND – who helped orchestrate the destruction of much of southern Cal’s homes??? Now – they’ll be able to force citizens into multi-family projects as they won’t be able to build back!!!