California made a rule to stop big companies from owning too many houses to rent, hoping to help with housing costs, but it still needs more talk in the state Senate.
California Lawmakers Pass AB 2584 Bill Limiting Corporations from Owning Too Many Rental Homes
According to the published article in the Desert Sun, in California, lawmakers passed a bill called AB 2584 to limit how many houses companies can buy and rent out. This AB 2584 bill, introduced by Democratic Rep. Alex Lee, stops businesses from owning more than 1,000 single-family homes for rent. Lee says big investors make housing prices higher and make it harder for regular people to buy homes. The AB 2584 bill got support from both Democrats and Republicans in the State Assembly, showing how worried people are about housing costs.
The AB 2584 bill won’t fix everything, but it’s a step to help regular people. Some big companies already own lots of homes, and this makes it hard for others to buy. But some groups, like real estate agents, worry the AB 2584 bill isn’t clear enough and could cause problems. Still, supporters think it could make things fairer and stop big companies from controlling too much of the housing market.
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1,000 Homes Limit: California Assembly Approves AB 2584 Bill to Tame Corporate Housing Investors – Curb Soaring Rents! (PHOTO: Spectrum News)
California Senate to Review AB 2584 Bill Limiting Corporate Homeownership of Rental Properties
Furthermore, the AB 2584 bill goes to the state Senate for more discussion and maybe changes. If the Senate likes it and Governor Gavin Newsom signs it, it could become law. This would be a big change in how California deals with housing, trying to balance the needs of investors and regular people who just want a place to live.
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