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Councilmember Nazarian wins unanimous support to seek report on corporate purchases of single-family homes
Summary
The Los Angeles City Council voted unanimously to request a report on restricting investor and corporate purchases of single-family homes and to explore a potential ballot measure after citing trends that accelerate displacement following disasters.
The Los Angeles City Council on May 28 voted to request a follow-up report examining whether the city should restrict or limit corporate and investor purchases of single-family homes and to explore pathways to a potential ballot measure.
Councilmember (Krew) Nazarian introduced the motion, invoking the 2008 housing crash and recent wildfire losses as evidence that corporate buyers can acquire burned or distressed homes at low prices and then convert them to rental investments. Nazarian said the motion asks staff…
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