OAKLAND (CBS SF) — A bill prompted by the Moms 4 Housing occupation of a vacant West Oakland home late last year and signed by Gov. Gavin Newsom on Monday aims to increase homeownership in the state.
Senate Bill 1079, introduced by state Senate Majority Whip Nancy Skinner, D-Berkeley, requires foreclosed homes to be sold individually at auction rather than bundled and sold to a single buyer.
Following the Great Recession, corporations snatched up large numbers of homes in bundled foreclosure sales. Between 2006 and 2012, the number of owner-occupied single-family homes in California dropped by 320,000, while the number of renter-occupied single-family homes jumped by 720,000, according to the senator’s office.
“SB 1079 sends a clear message to Wall Street: California homes are not yours to gobble