April 25, 2021

In a final effort to get widely criticized SB 9 approved by the California State Assembly, the bill’s author announced an amendment — billed as a way to keep Wall Street and BlackRock-like investors from cashing in under SB 9 and outbidding California families trying to buy homes. As seen recently in The New York Times and Wall Street Journal, single-family home purchases by corporate interests are soaring nationwide (as noted in the image above).

Sadly, the last-ditch amendment to SB 9 changes nothing and doesn’t keep corporations out.

The SB 9 amendment requires a homeowner to agree to live on the property for 3 years by pledging their “intent” to do so.

There is no easy or feasible way to make this work. The “intent” promise is signed, then filed away. Only an accusation accompanied by evidence, made to a local city attorney with time on her or his hands, could potentially challenge a corporation who bought a house under the guise of being a homeowner.

At a major webinar yesterday, April 24, League of California Cities Assistant Legislative Director Jason Rhine called this last-minute amendment “unenforceable.”

SB 9 is opposed by 71% of California voters according to a poll by former Obama pollster David Binder. For many good reasons.

SB 9’s utter failure to protect homeowner stability in California is one big reason.