Newsom 'Cracks Down' on Corporate Housing, After Years of Housing Crises
Bloomberg reports Governor Newsom is finally addressing institutional investors gobbling up homes, a 'crackdown' following a similar announcement from Donald Trump. It's almost as if the existential crisis of unaffordable housing in California – fueled by decades of lax regulation and prioritizing corporate profits over people's homes – only becomes an issue when a presidential campaign or, you
know, a former president's campaign makes it popular. Where was this bold leadership when BlackRock was buying up entire subdivisions a few years ago? One might wonder if this 'crackdown' has more to do with poll numbers than genuine concern for the struggling Californian family. This isn't about solving the housing crisis; it's about performing concern. One might observe that California's
political class has been quite cozy with the very real estate and financial interests that have driven housing costs through the roof. How many 'crackdowns' will it take before we actually see affordable housing for everyday Californians, not just another press release?