SFADC has voted to endorse AB 1199 to increase transparency and accountability of CA’s biggest landlords. The bill seeks to correct the practice of corporations buying multiple homes by imposing an excise tax on large corporations that own and rent out 10 or more properties in California to disincentivize hoarding single family homes and amassing huge portfolios of rental properties. Tax revenue from this bill could generate over $1 billion annually. In addition to curtailing the growing practice, the bill creates a fund to support first time homebuyer education, down payment assistance programs and rental assistance for low-income families
“This bill hits home for me,” said Lenea Maibaum, an organizer at Housing Rights Committee of San Francisco and a tenant under one of California’s largest multifamily landlords, Veritas Investments. “As huge, corporate landlords get richer during the pandemic, they should also be paying their fair share. And when tenants need to hold a huge corporation accountable, this bill will help them do that.”
More analysis of the bill here.