Amid the escalating housing crisis in California, the Los Angeles City Council will consider a motion Nov. 12 preventing online real estate corporations and private equity firms from purchasing affordable single-family housing as investments.
The motion was introduced by Council President Nury Martinez and seconded by Councilwoman Nithya Raman, who said the housing crisis has been worsened by online real estate companies like Zillow, Opendoor, and Rockethomes, who buy up affordable housing and sell it for a profit.
