In an attempt to support single-family homes and protect future homeowners, Assemblyman Alex Lee has introduced a bill that would prevent investors with more than 1,000 single-family homes from purchasing more of such properties to convert into rentals.
“Corporations are buying up whole neighborhoods’ worth of housing inventory,” the San Jose Democrat said in a Feb. 14 press release announcing Assembly Bill 2584. “First-time homebuyers are not able to compete with cash offers from these large corporate firms. By outbidding homebuyers and converting properties to rentals, these corporations are taking homeownership opportunities away from hard-working Californians and exacerbating the scarcity of single-family homes.”
