Please join Livable California on Saturday at 10 am with WSJ reporter Ryan Dezember, who covers financial markets, energy investing, infrastructure, real estate and other Wall Street topics.

 

When Bloomberg columnist Joe Nocera reviewed Ryan Dezember’s book, Nocera hit on an issue that echoes the backing behind SB 1120 by state Sen. Scott Wiener: big investors buying owned homes — and turning them into rentals.

 

Nocera wrote of Ryan Dezember’s book “Underwater: How Our American Dream of Homeownership Became a Nightmare”:

 

“Then the [Great Recession] market recovered, and something new happened. Dezember met people who were trying to buy homes but couldn’t. They were outbid by ‘a formidable new competitor for houses in many of the most attractive suburban neighborhoods.’ Those competitors were large companies that were scooping up houses with the goal not of reselling them but of renting them. They paid full price, all cash. People hoping to buy had to rent instead. They had no choice. This has to be the most remarkable unintended consequence of the housing bubble — and one of the most troubling.”

 

On Saturday, Ryan will delve into why companies are buying owned homes and turning them into rentals, and what it might mean if government encourages this trend.

 

Please donate to Livable California now, here. “Son of SB 1120” is coming soon! We expect many bills from “trickle down” legislators led by state Sen. Wiener, who seek to award public favors to market-rate developers — even as they stick with the legislature’s disastrous 2011 decision to defund affordable housing.

 

Folks, this makes no sense. If you agree, please join Livable California here.

 

We’re little guys up against huge money, and we very much appreciate your help.

 

Please join us with Ryan Dezember on Sat., Nov. 14 at 10 am!

 

Here's your call-in info for Saturday:

Via Computer:

https://us02web.zoom.us/j/6377599629?pwd=WTlWS1RjcWpoc3VERVhWNkozZkNtUT09

One-Tap Mobile:

+12133388477,,6377599629#,,,,,,0#,,1234#

Via Phone:

+1 213 338 8477 / Meeting ID: 637 759 9629 / Passcode: 1234

 

Livable California is a non-profit statewide group of community leaders, activists and local elected officials. We believe in local answers to the housing affordability crisis. Our robust fight requires trips to Sacramento & a lobbyist going toe-to-toe with power. Please donate generously to LivableCalifornia.org here.

 

 

 

Livable California
2940 16th Street
Suite 200-1
San Francisco, CA 94103
United States
If you believe you received this message in error or wish to no longer receive email from us, please unsubscribe.