SAN DIEGO, California - The San Diego County Board of Supervisors voted 3-1 Tuesday in favor of a proposal that will address corporate "bad actors" who purchase homes and, in the words of the proposal, contribute to an already difficult affordable-housing situation.
Vice Chair Terra Lawson-Remer said her sponsored policy aims "to protect communities from illegal business practices, and safeguard housing options for first-time homebuyers and working families."
Lawson-Remer said private equity giants and large corporations "are increasingly buying up the nation's scarce supply of homes, including in the San Diego region," driving up prices for their own profit and making the housing affordability crisis worse.
"I can't stress it enough, but as tenants, we are getting displaced due to corporate greed," said Patricia Mendoza, of the Alliance of Californians for Community Empowerment. "Our communities are not for sale."