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Council directs report to explore ballot measure limiting corporate purchases of single‑family homes
Summary
Councilmember Nazarian won unanimous council approval for a 60‑day report to the City Administrative Officer on placing a local ballot measure to restrict corporate and institutional purchase of single‑family homes, a move he said would protect homeowner equity after recent disasters and market shocks.
Councilmember Nazarian introduced a motion asking City Administrative Officer (CLA) to report back within 60 days on options to place a local ballot measure restricting corporate and institutional purchases of single‑family homes; the City Council voted to approve the report request, with the clerk recording 13 ayes.
Nazarian told colleagues the motion was aimed at protecting homeowner equity after economic downturns and disaster‑related property losses. “When we make an…
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