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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 to study options and prepare materials that could support a ballot measure to protect single-family homeownership as a vehicle for generational wealth.
The motion drew no recorded opposition. The clerk announced the result as "13 votos a favor" (13 votes in favor). The motion’s text, as presented in the hearing, requested a staff report and follow-up steps; the motion did not, on its face, adopt a specific ordinance or ballot language.
Why it matters: Councilmember Nazarian framed the change as a way to preserve opportunities for homeowners to build intergenerational wealth and to prevent market forces after disasters from producing investor-led displacement.
What the motion asks staff to do: Nazarian described a phased approach — first a staff report on precedents and legal pathways, then options for a ballot measure. He referenced actions already taken in Sacramento and said the city should evaluate a local measure if staff find viable options.
Reaction and context: Nazarian cited media reporting that some post-fire home sales were to corporate purchasers; he urged the council to act quickly after recent disasters to prevent those trends from worsening. The transcript did not record any formal amendments or a second to Nazarian’s motion in the public record of the meeting.
Next steps: The motion was approved by the Council; the transcript shows the clerk recorded the vote as 13 in favor. The motion refers the matter to city staff for a report; any specific ordinance language or ballot measure would require subsequent council action.
