LA City Council To Consider Motion To Stop Tech Companies From Buying Up Family Homes

By CBSLA Staff, CBS Los Angeles:

LOS ANGELES (CBSLA) – The Los Angeles City Council Wednesday will consider a motion that seeks to prevent tech companies and private equity firms from purchasing affordable, predominantly single-family housing as investments.

“The housing crisis has been further exacerbated by high tech companies such as Zillow, Opendoor, Rockethomes and Redfin as well as private equity firms,” the motion reads. “These companies primarily target affordable, single-family homes and compete to buy up as much inventory as possible, flip them and then sell them for a profit.”

If passed, the motion will instruct the Chief Legislative Analyst and the City Attorney to report on recommended strategies that L.A. can use to prevent tech and private equity firms from engaging in speculative practices involving affordable, single-family housing.

Read more at CBSLA

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