I introduced two more bills to address housing affordability from two angles:
- by investing directly into building deed-restricted permanent affordable housing units, and
- by permanently removing private equity firms and hedge funds from our housing market.
Private equity as an industry is built on exploitation. Quite literally that is how they make their profits, by exploiting situations to their favor.
In health care, private equity bankrupts our hospitals. In housing, private equity groups buy multifamily properties, raise the rents of current tenants to the point of eviction, as well as buy up single family homes, drive up costs and limit supply for prospective homeowners.
These entities operate locally to upend residents' lives; a radical response is necessary to extract them from our state in order to give people a chance to participate in a fair housing market. |