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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 investment, we’re making an investment for our future, for the future of our families and of our kids,” Nazarian said during his remarks, arguing that institutional buyers that bought swaths of homes after prior downturns had stripped equity from ordinary homeowners.
The motion asks the CLA to return with analysis and a timeline that would enable a city‑level ballot measure to be placed on a future ballot. Nazarian said the urgency increased after recent wildfires led to sales of burned homes; he cited press reporting that, in one affected area, many burned homes had already been sold to corporate owners.
Council President opened and closed the roll and the clerk announced the vote; the council recorded 13 ayes on the item as presented.
The motion does not itself adopt a ballot measure or change state law; it directs staff to prepare options and an implementation timeline for the council to consider. The council did not debate or amend the substance of the report request on the floor after Nazarian’s presentation.
What happens next: the CLA will prepare the requested analysis and timeline for council review. Any ordinance or ballot measure must be drafted, posted for public review, and, depending on its substance and timing, might require further council action to qualify for a local ballot.
This item was placed and voted on during the council’s general meeting; the clerk confirmed the roll call and announced the result.
