Housing in California is unaffordable. Homes come onto the market, and within a week are snatched up, often at inflated prices. The state of California collects no data on property buyers. Who is making these purchases? Are they California families in need of a home? Or opportunistic investors seeking rental profits? We can’t know until California starts collecting this data. What we do know is that only 15 - 20% of Alameda and Santa Clara County residents can afford to buy a home. We also know that, according to an article published by the SF Gate, more people are renting today than in the past ten years and "Foreign investment is inflating the median home price beyond the median income in many cities."
The real-estate and banking industries have lobbied California's legislature for years to hide the truth - predatory lenders and investors are keeping Californians out of home ownership and onto the street while the ultra-wealthy demand an ever-larger percent of our wages.
It has gotten to the point that entrepreneurs are choosing to start businesses elsewhere, rather than paying inflated wages that go straight to landlords! How long can this last?
The current senator, Bob Wieckowski, thinks that the solution to the housing crisis is to expand public transportation and build more high density housing. Cramming more people into smaller places using an already over-burdened infrastructure might seem appealing to some people, but probably not to most Bay Area residents. Bay Area residents love it here because of the beautiful open spaces and the wonderful, low-level skyline. My plan would keep housing affordable for real Californians, while preserving our beautiful local environment and landscape.
If elected, I will seek to implement new regulations that require all property purchases to disclose the real name, residential address, and occupation of the person paying for the property. If you’re a predatory investor seeking rental profits, California residents deserve to know who you are and why you’re here driving up our cost of living! Investors would be subject to an economic impact assessment that takes primary consideration of the effect of their investment on the affordability index. Revenue from this assessment will go to fund teachers, police and fire departments, hospitals, and roads. The offset of this funding will be used to lower taxes on Californians living and working in the state. Californians living and working in the state would, of course, be exempt from this assessment. If you’re a hard-working Californian seeking the American Dream, we will do everything we can to support you!