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Moms 4 Housing-inspired bill becomes California law

San Jose Mercury News - A bill signed into law this week prevents corporations from scooping up too much of California’s valuable housing stock — a shift that could help shape how the state’s housing market weathers the COVID-fueled economic crisis.

Gov. Gavin Newsom signed SB 1079 into law this week — one of several housing protection or production-focused bills to make it off his desk. SB 1079, which was inspired by the Oakland activist group Moms 4 Housing, prevents corporations from snapping up bundles of homes during foreclosure auctions. Instead, it gives tenants and families an opportunity to buy them individually.

With the coronavirus pandemic pushing national mortgage default rates higher than they’ve been in years, the new state law could prove especially impactful.

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