An Open Letter to Scott Wiener: SB 50 Empowers Wall Street to Commoditize Housing By Right! by Hydee Feldstein in The Planning Report

Struck by an apparent lack of evidence to support the approach of the upzoning bill and wanting answers to practical policy questions raised by the mandate, Hydee Feldstein, a retired bankruptcy and commercial finance lawyer who now serves as vice president and co-chair of the Land Use Committee of the P.I.C.O. Neighborhood Council, penned an open letter to Senator Wiener identifying alarming, and legally well-crafted, pocket-lining loopholes that she believes would permanently impact, if enacted, communities across California. She asserts: “SB 50 harms existing residents and favors the intrusion of nameless, faceless capital into our homes, whether owned or rented.”

Feldstein notes in the letter that Senator Allen listened and responded to constituent concerns raised at the town hall with his commitment to oppose SB 50, unlike Senator Wiener who left the town hall after sharing his talking points.

“(But) I am writing to make a public plea to you, 120 legislators, and Governor Newsom to recognize that SB 50 is not a path out of a housing or homelessness crisis at all. Indeed, it would result in massive displacement, create greater wealth disparity, and build zoned housing that is increasingly segregated by economic class, social standing, wealth, and creditworthiness.”

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