News

Real Estate Firm That Owned 'Moms 4 Housing' House Hit With $3.5M Penalty From State

SFist - Wedgewood, the real estate investment firm that is best known locally for their role in a standoff with a group of homeless Oakland mothers two years ago, has reportedly reached a $3.5 million settlement with the state of California over its eviction practices statewide.

An operation with national reach, Wedgewood's core business involves residential real estate speculation and house flipping — or, as they describe it on their website, "the purchase, revitalization and resale of single-family residences throughout the United States." One of those purchases back in 2017 was a home at 2928 Magnolia Street in West Oakland, which housing activists decided to make an example of after Wedgewood sat on the property and left it vacant for two years amid a regional housing and homelessness crisis.

In November 2019, several homeless mothers and their children moved in and occupied the property, launching an effort they called Moms 4 Housing that was meant to highlight the role that real estate speculation plays in our housing crisis. About seven weeks of legal wrangling ensued in which Wedgewood sought to have the squatters removed, and meanwhile the story gained national attention and the mothers had widespread support across Oakland and beyond.

Read the entire article here.

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