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Corporations,􏰀 􏰁enate 􏰂ill 10􏰃􏰄 prevents the bulk- purchase of foreclosed homes, giving a more level playing field for owner-occupants, tenants, local governments, and housing nonprofits.
VACANCY TAXES FROWN ON EMPTY HOUSES NOT BEING UTILIZED
In locales such as Oakland, leaving a house empty will come at a price. These vacancy taxes are designed primarily to penalize speculative investors who sit on vacant parcels until such time they can make the biggest profit. From our blog: The war being waged on vacant properties
LARGE LANDLORDS REQUIRED TO REPORT DUTIFUL RENT PAYMENTS TO THE CREDIT BUREAUS UNDER SB 1157
When property owners faithfully pay their mortgage, it is reflected on their credit report. It seems only fair that when renters dutifully pay their rent, those payments should be notated on their credit report, as well. As of July 1, 2021, tenants in an “assisted housing development” (a multifamily rental housing development where tenants receive governmental assistance) will have the option of having their paid rents reported to a credit reporting agency, with some caveats.
The law does not apply if there are 15 or fewer units, so long as the landlord is a natural person and not a corporation, real estate trust, or LLC in which at least one member is a corporation. Once again, we see that these entities are pariahs and that renters are given an opportunity to have their status elevated to that of home ownership.
AB 889 GETS REINCARNATED
After dying in 2021, this bill was brought back to life in 2022 and would require that corporate
and institutional landlords report to the Secretary of State the owners of the corporation or LLC that rents out property. This is sold as being in the interest of transparency, but it’s really about identifying “greed-fueled speculators” and deciding who gets to buy what.
THERE’S MORE
Debt service and property tax pass-throughs have also gone the way of the dinosaur, we said in this blog, because of the natural distrust of speculators and corporations that are perceived to be most able to recoup costs and investments.
We can go on, but let’s pivot to other measures that are designed to upend the traditional meaning of property ownership.
COPA
We’re not talking about Barry Manilow’s Copacabana. San Francisco’s Community Opportunity to Purchase Act (COPA) gives a vetted pool of qualified nonprofits dedicated to affordable housing the first opportunity to make an offer on multi-family properties when the owner intends to sell them. Furthermore, the nonprofit can match or beat the offer of other private buyers who come to the trough.
In a 201􏰄 webinar with our friends at 􏰅E􏰆􏰇􏰈R real estate, we attempted to make sense of the law beginning to take shape at the time and express some of our reservations.
TOPA
In the East Bay, the Tenant Opportunity to Purchase Act (TOPA) goes a step further than San Francisco by giving tenants the right of first offer and the right
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